I purchased a tax deed from Folsom County GA and someone wants to purchase the deed for 20% plus expenses but they also then want me to fill out a notarized quit claim deed redemption. Is that correct after they pay? I don’t know and was looking for information from someone who knows.
Is the property likely to not get redeemed? (if you just have a tax lien)
If you do sell your lien don't give them a notarized QC redemption till they have paid with certified funds.
I have transferred redemption rights on a tax lien in SC and I just went to the tax collector. I was paid and then I signed a form with the tax collector and they gave the receipt to the buyer.
I went as far as contacting the defaulting tax payer to get confirmation they were not going to redeem the property. This made it more valuable to the buyer.
They paid me already with cash funds (direct deposit) now they want a Quit Claim Deed signed and notarized. I don’t know if I should sign since it hasn’t been a year yet and since I did not foreclose on the property. What now?
In Georgia you can sale it and sign a quit claim deed. The only thing you have to be aware of
Is that the owner still has the right to redeem it.
My advice would be that you do mention on the quit claim deed that the owner still has the right to redeem according to law.
I still suggest spending a couple of hundred to talk to a real estate attorney concerning this. Might be the best money you ever spent.
Do you homework. If you are going to invest in more tax deeds it will be money and time well spent. A GA attorney who specializes in this area would be a good place to start.
In more general language, a Quit Claim Deed is a very weak document. You are saying that if you did have an interest in the property, you are declaring that you no longer have it. It does not indicate if you did have an interest or not. Just that you are waiving any ability to claim later than you did have an interest.
How Quit Claim Deed would apply in this specific case is to be determined. Hence the suggestion you speak with a GA attorney. This way you will learn the fine details for future deals and protect yourself, if needed, this time around. They can notorize it while you are there if that is what you think is reasonable.