How to wholesale a property with quitclaim deed?

[Tim Barnes]

I am new to real estate and have came across a distressed property for sale and have already began building rapport with the current owner. The owner is looking to sell the property with quit claim and is interested in working with me. Before I get this property under contract I am wanting to understand how to wholesale a property with quit claim. Is this much, if any, different than a traditional wholesale? Any help would be greatly appreciated.

[David Rosenhaus]

Unlike most other property deeds, a quitclaim deed contains no title covenant and thus offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs. This means that the grantor does not guarantee that it actually owns any interest in the property at the time of the transfer, or if it does own an interest, that the title is free and clear. It is, therefore, possible for a grantee to receive no actual interest, and – because a quitclaim deed offers no warranty – have no legal recourse to recover any losses.