I am interested in a property located in this auction. What is a Quit Claim Deed and how would it afffect me if I bought this property? I have read that it is possibly a way for the land owner to transfer the property but may still have a right to it. Is/could that be the case with this property? Thannks for yoru help.http://www.bid4assets.com/auction/index.cfm?auctionid=556260
Country relating to Question: United States
State (if USA): New York
Read up on internet sites about quit claim deeds. Have not contacted seller to see if any rights would still be retained by him/her. I believe the office is located in NYC for the business, but as you can tell, the property is located in PA.
Thank you for your question. Be sure to go ahead and bookmark www.nateanswers.com for future questions.A quit claim deed does not offer the same assurances to the buyer that a general warranty deed does. For instance, when one buys a house and title insurance is issued for it, what you get is a general warranty deed. A general warranty deed warrants that if the title is defective or has a "cloud" on it (such as tax liens, mortgage claims, judgments, title claims, or mechanic's liens) you as the grantee can then hold the grantor liable. In contrast, a quit claim deed only transfers whatever interest the maker of the deed may have in the property. The buyer assumes all risk.Before buying the property, you should have a title search done to see if there is anything outstanding that would cloud the property.Please click 'Reply To Expert' unless you consider this dialog complete and you are 100% satisfied with my service (not the website or the situation). If you are ready to rate my service, selecting anything less than 3 out of 5 will negatively affect my rating. Thanks.Nate
Over 8 years of legal practice.
So, basically, he/she is selling/offloading the property with any liens/fees attached to it to be my responsibility. If I were to purchase the property, I would be responsible for any back taxes, Home Owners Association dues, etc that have been placed on the property?
That is precisely correct.
What about future rights, if I were to build on the property, would he/she retain any rights to the property/house?
That's not a concern. The seller would be transferring all the rights they possess to you. The concerns are what I mentioned previously regarding other possible clouds on the property.
Thanks a bunch. I appreciate the information.
You're certainly welcome. Good luck!Nate
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