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I am looking at buying a property. It is a foreclosure and…

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I am looking at buying...
I am looking at buying a property. It is a foreclosure and the bank is selling it with a quit claim deed. The Bank has a certificate of title from a court ruling in 2013. The bank has a Certificate of Title from The Citrus County, FL Court. What are my risks when buying a property like this?
Submitted: 4 months ago.Category: Real Estate Law
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12/5/2017
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago
RealEstateAnswer
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Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago

Good afternoon. When you buy a home at auction, you are taking it "as is". No representation or warranty is being given, so if there is an issue, it would fall on you. A quitclaim deed passes the prior owner’s interest in real estate to the new owner, but makes no guarantees that the owner has an interest in the property or has good title to the property. When property is transferred by quitclaim deed, the person who receives the property (grantee) gets whatever title the transferor (grantor) has. But the grantor is not responsible if there are any problems with the title (or if it turns out that the grantor did not have title at all).As such, you need to research and perform your due diligence before buying at auction.

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Customer reply replied 4 months ago
I am not buying it at auction. The Bank has a certificate of title from the county.
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago

So it is REO property?

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Customer reply replied 4 months ago
Bank of America shows as the owner.
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago

You are still allowed time to perform your due diligence and to get the home inspected but you need and want to read the sales contract since they typically use their own, not a standard FlaBar contract. There is nothing necessarily wrong with it but you just need to make sure you read how it works. There is nothing wrong with buying a home like this just need to do your homework, as to the condition of it.

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Customer reply replied 4 months ago
The listing states "Buyer will receive a quit claim deed with no title insurance. Seller will not be conveying clear title. Buyer will be responsible for any items on title (liens, code violations, etc.). No title report."
Customer reply replied 4 months ago
The listing states "Buyer will receive a quit claim deed with no title insurance. Seller will not be conveying clear title. Buyer will be responsible for any items on title (liens, code violations, etc.). No title report." My concern is regarding after buying it, could I lose the proerty somehow? Or do I just have to be concerned with liens and zoning?
Customer reply replied 4 months ago
The listing states "Buyer will receive a quit claim deed with no title insurance. Seller will not be conveying clear title. Buyer will be responsible for any items on title (liens, code violations, etc.). No title report." My concern is regarding after buying it, could I lose the property somehow? Or do I just have to be concerned with liens and zoning?
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago

Yes, that is why you need to perform your own title search and make sure there is clear title without any liens or violations. You need to do this on your own. If there is an issue, you need to look into prior to buying and making an offer. You may have to spend some money for a title search and to have someone look into this.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 4 months ago

You want to hire an attorney or a title company, to run a title search and make sure there is clear title and no liens, violations, etc and that there is a clear chain of title, as well.

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