jayt
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 Jeanette
Community Expert
Joined: 19 Oct 2007
Posts: 121
Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.28 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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larry
Joined: 27 Jun 2007
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