 Quit claim deed (by Mike [TX]) Nov 30, 2020 1:21 PM
 Quit claim deed (by FloridaNative [FL]) Nov 30, 2020 1:34 PM
Quit claim deed (by FloridaNative [FL]) Nov 30, 2020 1:36 PM
Quit claim deed (by Nicole [PA]) Nov 30, 2020 1:37 PM
Quit claim deed (by Ken [NY]) Nov 30, 2020 1:45 PM
Quit claim deed (by Landlord ofthe Flies [TX]) Nov 30, 2020 2:15 PM
Quit claim deed (by 6x6 [TN]) Nov 30, 2020 2:39 PM
Quit claim deed (by Jane [TX]) Nov 30, 2020 2:42 PM
Quit claim deed (by plenty [MO]) Nov 30, 2020 2:52 PM
Quit claim deed (by Ken [NY]) Nov 30, 2020 3:28 PM
Quit claim deed (by 6x6 [TN]) Nov 30, 2020 3:32 PM
Quit claim deed (by Jane [TX]) Nov 30, 2020 3:40 PM
Quit claim deed (by Jane [TX]) Nov 30, 2020 3:40 PM
Quit claim deed (by Ken [NY]) Nov 30, 2020 3:59 PM
Quit claim deed (by 6x6 [TN]) Nov 30, 2020 4:52 PM
Quit claim deed (by Deanna [TX]) Nov 30, 2020 9:11 PM
Quit claim deed (by Oregon Woodsmoke [ID]) Dec 1, 2020 10:34 AM
Quit claim deed (by LindaJ [NY]) Dec 1, 2020 11:04 AM
Quit claim deed (by Mike [TX]) Posted on: Nov 30, 2020 1:21 PM
Message:
A current tenant has a wealthy friend that has offered to purchase the property for her. He is paying cash and doesn't require an inspection, title insurance etc. He wants to do a quit claim deed with the tenant as the owner. Is this an okay way for me to do this? Any negatives for me? I will have the cash so I'm thinking there is minimal risk for me. Am I missing something?
--68.203.xxx.xxx |
Quit claim deed (by FloridaNative [FL]) Posted on: Nov 30, 2020 1:34 PM
Message:
Depends on how he is giving you the cash. Here we have a lot of wire fraud and cashiers check fraud at closings and each email from title co's and closing attorney's mention the possibility of fraud. Would the wealthy friend have a way of reversing the cash payment? --99.56.xx.xx |
Quit claim deed (by FloridaNative [FL]) Posted on: Nov 30, 2020 1:36 PM
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Is the wealthy friend asking you to do this outside of a proper closing without using an attorney or title co? --99.56.xx.xx |
Quit claim deed (by Nicole [PA]) Posted on: Nov 30, 2020 1:37 PM
Message:
Makes no sense to me. When paying money for property, why in the world would someone want a QC deed and not a warranty deed?
I'd have my attorney contact him and/or his attorney and have him draw everything up. You need someone to do a settlement sheet for you. You need good funds (meaning he can't take back the consideration) after you give him the deed. Your third party in between will take care of all this. You want to be sure their deal has no impact on you. Minimal cost for a world of assurance that everything is going through as planned. --72.70.xxx.xxx |
Quit claim deed (by Ken [NY]) Posted on: Nov 30, 2020 1:45 PM
Message:
Nothing wrong on your end with giving a quit claim deed and you dont care if he gets title insurance or not.Makes me wonder what he is trying to accomplish but he probably just thinks he is saving money.I would just use my attorney as usual.I wouldnt just let him do the paperwork without my attorney making sure it is correct.Wealthy is relative --72.231.xxx.xxx |
Quit claim deed (by Landlord ofthe Flies [TX]) Posted on: Nov 30, 2020 2:15 PM
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I've done this for inheritance purposes, but maybe the quitclaim deed is less public?
Wonder if the rich guy's wife knows. Sounds like a sugar daddy setup. --108.69.xxx.xxx |
Quit claim deed (by 6x6 [TN]) Posted on: Nov 30, 2020 2:39 PM
Message:
I can learn from this as well.
I would be a little weary about not going through a title company or attorney as they will figure all the taxes and other things and handle the checks. --73.120.xx.xxx |
Quit claim deed (by Jane [TX]) Posted on: Nov 30, 2020 2:42 PM
Message:
I don't understand what it has to do with you the landlord? You mean they are buying your property?
Quit Claim Deed is not used in TX. only Warranty Deed is recognized.. so there will be problem for your tenant if she only gets a Quit Claim Deed. If you are selling them your home, you should give them a Warrantee Deed --70.119.xxx.xxx |
Quit claim deed (by plenty [MO]) Posted on: Nov 30, 2020 2:52 PM
Message:
Maybe the quit claim could be issued Xnumbe of days after the money is transferred. Anytime a large amount of money comes thru like that it triggers the banks radar. It would need to season for me to release deed. No claw back. No fake cashier checks. Have to be in the clear and seasoned. --172.58.xx.xxx |
Quit claim deed (by Ken [NY]) Posted on: Nov 30, 2020 3:28 PM
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Jane,if TX only uses a warranty deed then how does a property with a less than perfect title transfer?I doubt that statement is correct. --72.231.xxx.xxx |
Quit claim deed (by 6x6 [TN]) Posted on: Nov 30, 2020 3:32 PM
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Ken, what is an example of a not so perfect title?
How could a not so perfect title transfer at all? --73.120.xx.xxx |
Quit claim deed (by Jane [TX]) Posted on: Nov 30, 2020 3:40 PM
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I don't know, but from all the transactions I did over the years in TX, attorneys, banks and title companies always avoided Quit Claim Deed in TX. (I bought and sold homes in FL, PA and CA before, Quit Claim Deed were not a problem there).
So the buyer might have a problem later getting title insurance when she is ready to sell. Best to void it now.
--70.119.xxx.xxx |
Quit claim deed (by Jane [TX]) Posted on: Nov 30, 2020 3:40 PM
Message:
I don't know, but from all the transactions I did over the years in TX, attorneys, banks and title companies always avoided Quit Claim Deed in TX. (I bought and sold homes in FL, PA and CA before, Quit Claim Deed were not a problem there).
So the buyer might have a problem later getting title insurance when she is ready to sell. Best to void it now.
--70.119.xxx.xxx |
Quit claim deed (by Ken [NY]) Posted on: Nov 30, 2020 3:59 PM
Message:
6x6 i buy houses regularly with a sellers judgment attached,say they have a judgment from Ford for $10000 against them attached to the house,i give them a few $ and get the deed,in my state it only stays attached for 10 years so if it is 8 years old then in 2 years it will drop off from the house and i can sell it and not pay off the judgment.I just bought a 5 unit and gave the lady $2500 and took over the $11000 of back taxes,again not perfect title,i have it sold already and will pay the back taxes when i sell it.I am buying a 1 family with outstanding mortgage against it,the seller got a govt funded repair mortgage then the govt company went out of business and cant take his money or provide a satisfaction of mortgage so the sale fell apart and my broker heard about it and called me,i am buying it for $5000 and will do sue the govt agency if they wont accept payment and make the mortgage go away.I love buying houses with title problems,i wind up being the only guy in my area who knows how to deal with so i get them cheap,clean up the problem and resell at full price. A house with not perfect title can transfer easily but pretty much going to be a cash transaction because a bank or other lender wont lend with a title problem,also in many cases the buyer better know what he is doing because the attorneys will just say no you cant do that because they dont want an inexperienced buyer coming back later saying you didnt tell me that. --72.231.xxx.xxx |
Quit claim deed (by 6x6 [TN]) Posted on: Nov 30, 2020 4:52 PM
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Thank you Ken --73.120.xx.xxx |
Quit claim deed (by Deanna [TX]) Posted on: Nov 30, 2020 9:11 PM
Message:
Woop, wooop, wooop. Those are alarm bells going off...
I know you're the seller in this scenario, but if you were to be the buyer, you'd best go through a title company and get a title search done, along with title insurance to guarantee their work.
Basically, a quitclaim deed will sell your rights to a property. But... it doesn't do a thing to tell you that the seller has rights to the property to begin with.
So if it was an inheritance, but the will was never probated... or suppose the house had been sold at tax sale a month ago... or suppose they wanted to avoid paying back taxes on a house... or suppose they wanted to avoid the FBI garnishing the sale because of other unpaid taxes... or something else weird with the title, the title company will find it, but a quitclaim deed will do nothing to protect you from irregularities.
If it were me, as the seller, I would be curious as to why their wealthy (and supposedly financially sophisticated) friend is insisting on a vehicle that isn't solid and trustworthy. They might say, "Oh, we don't want to pay for a title company to get involved---" but it's silly to avoid paying three figures when you have five or six figures at stake.
Instead, I'd say, "All my closings go through such-and-such title company." And if they balk at bringing in a professional title company, I'd politely tell them that I'd changed my mind and that I'm not interested in selling at this point. Because people who insist on quitclaim deeds are often up to shenanigans... and you know they're not coming from your side of things. --137.118.xx.xxx |
Quit claim deed (by Oregon Woodsmoke [ID]) Posted on: Dec 1, 2020 10:34 AM
Message:
I would only sell legally through proper channels. I don't care much about the buyer; it is to protect myself.
Mike, if the buyer is only wanting to save money, tell him the sale goes through proper escrow but that you will pick up the closing costs.
If he is paying cash, the closing costs aren't all that much. Most of the high closing costs are related to the mortgage, and there is no mortgage.
Is it possible that the buyer is undocumented? Maybe he is worried about not having a SS# or something similar.
Possibly the money isn't legal money. Maybe the buyer just doesn't realize how things work. None of that matters, but you protect yourself by doing the sale in a legal manner. --76.178.xx.xx |
Quit claim deed (by LindaJ [NY]) Posted on: Dec 1, 2020 11:04 AM
Message:
I would not have a problem selling with a quit claim deed, I would just pay for my lawyer to protect me. If he doesn't want a lawyer involved at all, then I would really wonder why. --108.4.xxx.xxx |
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