Gaithersburg, MD · Member since 2017 · 127 posts · 23 votes
Hello,
I have a owner who's agreed to a purchase price of a property but wants to do a "Quitclaim deed" and then an assignment of the property over to us. I do know he owes taxes on the property but would be covered by the purchase price.
Is there anyone here that can explain this process and how it should be done? Would a title company be able to do this type of transaction?
I have no knowledge of this type of transaction so any insight would be great! Thank you
The quit claim transfers it to you if the quit claim deed has your name on it. Seems hokey- let the title company/attorney handle it. You don’t want to get mixed up with craziness. I don’t understand the rationale unless they are trying to cut the government out of their money or worse yet pass that cost to you. I prefer warranty deeds opposed to quit claim deeds.
Gaithersburg, MD · Member since 2017 · 127 posts · 23 votes
7y
@Carl Fischer Thank you for the reply, I did happen to look up "warranty deed"and thought that would be the better route if I was to do it. I cant understand why he wants to do it this way and the reasons you listed are what I thought of as well.
@Wayne Brooks That was my issue, the owner is trying to pass off an issue or problem to me.
Thank you guys for confirming what I already thought, I dont know what he's hiding but he does own alot of properties and mentioned doing this type of transaction for a few other property he sold. I dont know what he's hiding but I will be sure to use a title company and attorney if I decide to move forward.
Attorney, CPA, Broker & Author · Scottsdale, AZ · Member since 2018 · 532 posts · 488 votes
7y
@Trevor S Foster I would NOT proceed any further until you get a knowledgeable party involved in the transaction to sort things out. Do NOT give the Seller your money until you have a complete understanding of the situation and you know things are on the up and up.