Originally posted by @Rafael Davis :
I’m looking to purchase my first flip and flip property in the Chicago area after days of me running numbes I submitted an offer. After accepting my offer the selling agent notified my agent the property is a quitclaim deed. Seeing that this is my first flip I have no clue how to go about dealing with this situation, I currently have my attorney looking into the property but I’m not sure if I would have any issues in the future with trying to sell the property. Is there any thing I should look out for with dealing with quitclaim deed purchase I don’t want to pull out the deal just yet seeing that the property can have a 45k payday if everything works out. Can someone please offer any advice on how I should move forward.
Quit Claim Deeds can be a scam. They can be done incorrectly. They can be totally worthless and they can be only a partial solution to someone's problem.
What you want is a Title Report which will tell you why they are using a Quit Claim Deed. If the the Title company is happy with it, then no problem. They can be legitimate, but they are not the preferred way to go.
When anyone says Quick Claim you should run the other way. You have no idea what liens could be tied to the property.
A QCD in itself may not be a problem. Someone insisting on selling this way usually has some type of title problem.
Obviously, you need to have s title search done and get title insurance but my immediate response to the agent would be “why”? Unless he is clueless, he should know why.
While you don’t want to inherit someone else’s problem, it could be an opportunity, if you can solve their problem.
Do let us know what comes up with this one.