Make sure you get an updated abstract and title insurance then.
So you didnt use a Title co. at all?
Without saying you don't know what you're doing, I will say that in general, this can be risky. First, title searching can be tricky, especially in a state that keeps what's called a grantor-grantee index like Oklahoma. The procedure is to start with the current owner (most recent grantee), then look at the grantor and find the record on which he is the grantee (the record of his purchase), and work backwards to either the sovereign (original governmental land grant) or far enough back to ensure you've thoroughly met the standard for adverse possession. From that point, you then work forward through every grantor to his grantee to make sure the chain doesn't split (property conveyed twice). You can also have an outright fraudulent deed ("wild deed") in the chain somewhere that somebody may have received in good faith that really complicates things.I bought one recently with no realtor or lender. I did the inspections myself. I’m a heat and air contractor, but have done a lot of electrical, plumbing, framing, and other stuff growing up.
I researched the title myself at the court house for taxes, liens and etc, although it may be prudent to get title insurance through a title company.
We drew up a quit claim deed and had it notarized. Filed at the courthouse for like $80. It was done and done. Good luck. If you have questions let me know.
I agree and mentioned it may be prudent to get title insurance in my first post.Without saying you don't know what you're doing, I will say that in general, this can be risky. First, title searching can be tricky, especially in a state that keeps what's called a grantor-grantee index like Oklahoma. The procedure is to start with the current owner (most recent grantee), then look at the grantor and find the record on which he is the grantee (the record of his purchase), and work backwards to either the sovereign (original governmental land grant) or far enough back to ensure you've thoroughly met the standard for adverse possession. From that point, you then work forward through every grantor to his grantee to make sure the chain doesn't split (property conveyed twice). You can also have an outright fraudulent deed ("wild deed") in the chain somewhere that somebody may have received in good faith that really complicates things.
As a second risk, a quitclaim deed is literally what its name says: the grantor is extinguishing any interest he may have in the property. It's no guaranty that he actually has an interest, just disclaiming any interest if one exists. I could give you a quitclaim deed for the Devon Tower...I have no interest, so it would be meaningless, but I could do it. A warranty deed provides some guaranty of ownership: a special warranty deed covers that particular conveyance, while a general warranty deed protects the grantee back to the origin of the property (the sovereign). Look at https://en.wikipedia.org/wiki/Warranty_deed for a more thorough explanation.
I know; I just wanted to explain some of the specifics for the benefit of others.I agree and mentioned it may be prudent to get title insurance in my first post.
With a bank financing it, it's safer than average, but still not perfect. It's also not just him you have to trust--you have to trust his entire chain of title (including trusting that nobody conveyed it twice), and you have to trust the entire world that nobody has come up with a fraudulent deeds.If you know the guy and trust him I see no issues with quit claim deed.
I have purchased 4 houses that way and no issues.
Especially if there was a bank financing it and he paid it off and has the bank lien release..I would assume it was title researched for the bank to loan monies towards a loan.
But that is the way I think.
I tend to trust people.
We bought and sold FSBO last year. Title Co did most of the work. I had to schedule inspections and mortgage co handled appraisal. It was actually pretty easy.
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