Should I do a deal via a quitclaim deed?
I am selling a property and buyer wants to do a quick deal paying cash and do the deal with a quitclaim deed, and stated using my attorney was fine. I am new to real estate, and never done a deal like this before. Is this advisable and what do I need to watch out for?
The risk is to them not to you, so sure, that would be fine. Just make sure NO DEED until all monies are paid. For that reason I would probably use escrow to at least transact the deal.
@Letitia Glenn I would still check for liens and everything title search it good!! Don’t just go to the recorder or deeds CYA cover your ***
I am not a real trusting type of a person. I would ask why? He has no guaranteed title and likely will be unable to get title insurance when he sells...depending on the location of the property.
So the why answer, I would think, leads to a money concern. Is he trying to laundry dirty money? Scam you will a fake certified check or fake cash or wire fraud? Even if you take a certified check to the bank and they verify its good, they can say it was not good a month later.
Make sure the money goes fully through escrow, even the deposit!
Thanks for all the replies. Lynnette, you've now officially scared me! regarding using an escrow account, I am not using one because I don't have one. I was going to have the buyer transfer the money to my regular account. Is this not a good idea? I feel like I'm missing something important.
Originally posted by @Letitia Glenn:Thanks for all the replies. Lynnette, you've now officially scared me! regarding using an escrow account, I am not using one because I don't have one. I was going to have the buyer transfer the money to my regular account. Is this not a good idea? I feel like I'm missing something important.
your attorney has an escrow account let him handle the funds and execute the quitclaim after funds have cleared
Thank you so much!