I am interested in purchasing a small strip of land adjacent to my property/house. The new land would be used only as a buffer zone, not for building or development. The title to this parcel has a defect and is uninsurable. The owner wants to transfer it with a Quit Claim Deed. The sale will be all cash, no financing. The background to the defect is a histirical error in boundary. There is no active or known claim to the property from adjacent owners and it is otherwise landlocked. Is the Qit Claim appropriate? Thank you. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Mon Apr 24, 2006 8:20 pm Post subject: RE:
Hi,
As far as I know, the owner cannot transfer the ownership rights, but only his shre of interest in the property. But it is always better if the property is free of any title defects. because if the owner wishes to transfer the title, then he should do so with a title deed.
Also, there's an error in the boundary, as you say. So I will suggest that you look for some other property instead of going for it. Or else, you can look forward to clear the title of any defect by taking help from a title search or title insurance company. Also, consult a real estate attorney before taking a step forward.
See, through a quit claim deed the grantor transfers all his interests to someone else without giving any guarantee about the title. So, if there is a problem with the title then he is not going to be held responsible for that.
By signing a quit claim deed he ensures that he is transferring whatever interests he is having on the property.
In your case, you are already aware that there is a problem with the title. So, why to take risk by paying him off against a quit claim deed? In future if any problem comes, then you have to suffer.
Real estate transfers are always critical and should be handled with care and under professional guidance. I shall advise you to consult a local real estate attorney for the purpose and follow his advice.
jerry
