Should I do a deal via a quitclaim deed?

Question

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?

Lynnette E. · Answer

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!

Richard Sherman · Answer

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.

Account Closed · Answer

your attorney has an escrow account let him handle the funds and execute the quitclaim after funds have cleared

Letitia Glenn · Answer

Thank you so much!

Letitia Glenn · Answer

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.

Jermell Shavers · Answer

@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 ass

Should I do a deal via a quitclaim deed?

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