Seller Insisting on Quit Claiming his Property
I am a novice at wholesaling property and I have a motivated seller who insists on quit claiming the property. He states that he purchased the properties as an REO from the bank via a quitclaim. Can this be done within a wholesale deal? Is the paperwork any different? I appreciate any advice.
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#1 Foreclosures Contributor
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- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
If he's trying to do a tax dodge, he may be in for a very rude awakening, but that's not your problem. You will/should still have a closing, and likely a closing statement. The QCD is not a problem here, although a Warranty Deed is preferable even if it gives a somewhat false sense of security. As long as he is the Only person on title, title is clear, and you get title insurance, I see no issues. It wouldn't be any issue for me, here. Talk to a local RE attorney/title co.