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Answers (3)
Best Answer
- Scottsdale_AZHomes
- Contributions:47
A Quit Claim is a valid way of transfering one persons interest in a property to another person. It does not however, transfer title, nor does it promise anything with regard to title.
If you are thinking of purchasing a property via a "Quit Claim" deed you must do the research to insure that the one quitting the claim does in fact own the property, that the property is as described (without encumberances, easements, etc.) and has a clear title prior to your transaction.
I would still go through a title company have a title search performed and purchase title insurance.
Perhaps an attorney to assist you would be your best bet.
If you are thinking of purchasing a property via a "Quit Claim" deed you must do the research to insure that the one quitting the claim does in fact own the property, that the property is as described (without encumberances, easements, etc.) and has a clear title prior to your transaction.
I would still go through a title company have a title search performed and purchase title insurance.
Perhaps an attorney to assist you would be your best bet.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Discuss this with the title company that you will be using for closing. There is no problem as long as you have a title search done. I also recommend that you buy title insurance.
- James Callas, "ABBAUSA"
- Contributions:958
In Texas Quit Claim Deeds are not being recognized as valid deeds by the title companies.
You could start with a Quit Claim, but it must be replaced with a valid General Warranty Deed.
I have used this type of deed many times in the past (more than 20 years ago), but recently was advised of the current trend.
I really like the Title Companies I have been using, but I am noticing that the way things are handled there is a 1 in 1,000,000 chance of them paying any claim(s). Also the cost to close has increased. This is ok for larger deals, but in my smaller affordable deals this is quite a burden.
Also I will give you a Quit Claim Deed to the Astro Dome in Houston, but it is not worth much....not the dome....my QC Deed.
Good Luck!
James Callas - Realtor®
Should I stay away from a quit claim property?
Thanks,
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