Can Someone Sell You A Home They Received In A Quitclaim Deed?
I have a question? I have this homeowner that was granted a quitclaimed a deed 18 years ago from the wife of the original owner. I would like to buy the home from new homeowner, But how should I protect myself since she was granted the property in a quitclaim deed. I mean even though it's been eighteen years and no other heirs have claimed an interest can other heirs claim an interest in the property after eighteen years even if they were included in the will.
What kind of contract should I use to handle this transaction? Also the property is own free and clear but it has back taxeson it . I want the sale of the property or transfer of the deed to included paying off the back taxes. I am offering her a hundred thousand dollars.
No problem. Get title insurance. Specify in your instructions to the escrow officer that you are to receive the property of all leins and taxes.
What kind of contract should I use to handle this transaction? Also the property is own free and clear but it has back taxeson it . I want the sale of the property or transfer of the deed to included paying off the back taxes. I am offering her a hundred thousand dollars.
Since you, obviously, don't have the know-how or experience to do this deal you need to hire a lawyer or experienced RE agent to help you through it.
An experienced RE agent would be used to doing the P&S agreement, like you need here, setting out exactly what you're willing to pay, exactly what you're demanding, etc.
This is one area where being your own doctor could be very harmful to your economic health.
The title part is simple, close with a title company or your attorney. If you chose to take the deed on a coffee table then I hope you know your way around indexing. There are many ways to think you have clear title on this one only to find out later your deed is not worth a dime.