quit claim deed/warranty deed vs escrow for transfer of property
Hi there,
Trying to get some insight on our next property acquisition in Los Angeles County, CA. Husbands grandparents want to sell us a rental condo that is is extreme disrepair for below market value. Is it best to use an escrow company or safe to just complete a new deed and which type of deed ? OR am I missing any other options?
Thanks so much!
#1 All Forums Contributor
- Investor
- Virginia
I would still treat this as a typical closing whereby you have a title company generate a warranty deed and get title insurance. If you do not you could have problems down the road when going to sell it. Also, if there was ever a problem later on with title hopefully insurance would cover it.
Thank you for your insight, to clarify that would be working with a title company instead an escrow company? And would any of these options save us from a property tax re-assessment? The condo was originally purchased for 80,000 so it would be nice to keep those tax payments if possible...
