jayt
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 Posted: Sat Mar 29, 2008 7:56 pm Post subject: How safe is it to buy a property that is only quit claim dee |
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We want to buy a property for my son to live in,
but it only has a quit claim deed to it,and only one person's name on it has signed it but she did so and it was filed with
clerks office, it has a survey and tax map too, we want to
buy it but unsure if it is safe. Will he always have problems?
Will someone be able to jerk it away from him? |
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 Jeanette
Community Experts
Joined: 19 Oct 2007
Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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| Posted: Sun Mar 30, 2008 6:31 am Post subject: |
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Hello Jayt and welcome Mortgage Fit Forum,
So you want to purchase this property from the grantee of the quit claim deed who the real property was past onto by the grantor. In most common law jurisdictions, a quitclaim deed is not technically considered to be a deed at all, and, in some jurisdictions, a buyer who receives a quitclaim deed may not be considered a bona fide purchaser for value unless the quitclaim deed meets certain requirements. It fails to meet all five traditional tests of a true deed found in common law. Instead, it is considered to be an instrument of estoppel, which means it estops or prevents the grantor of the quitclaim deed from later claiming that he or she has an interest in the property. Title companies may be unwilling to issue title insurance based on a quitclaim deed; thus, quitclaim deed holders may have to obtain further proof that a bona fide sale occurred or institute a "quiet title" action in a court to obtain clear title. The party to whom the property was conveyed must refinance the property using their own income, assets and credit, and may not use the income, assets or credit of the party who has quit claim.
Thus, find out from the seller if he had refinance the property in his name and then you will be in a better position.
Thanks and good luck,
Jeanette Smith
Mortgage Planner
Union Mortgage Group
cell 757-338-1889
office 757-306-3300
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Life is like a bull grabit by the horn |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Mon Mar 31, 2008 3:37 am Post subject: |
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Hi jayt,
Welcome to the forum.
If you are buying a property that has only a quitclaim deed on it then check out first if there is any liens on it or not. Quitclaim deed does not assure you than the title is free from any liens.
It is always better to use a Warranty deed when you are buying a house.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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