Question about Quit Claim Deed

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harley128

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I'm looking at the possible purchase of raw land, (5 acres), and the seller says he "only issues a quit claim deed"............. I understand there are many concerns about a quit claim deed, first and foremost being the inability to guarantee title and ownership of the property. Does anyone know whether or not Title Insuance can be purchased on property conveyed via a Quit Claim Deed? Thanks everyone.
 

Shadowrider

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Knowing how chicken**** underwriters are these days I doubt that they will issue a policy, but I can't think of a legal reason why a policy wouldn't be any good. A QCD conveys title just as much as a Warranty Deed if the grantor does in fact actually hold the title he's purporting to convey. FWIW, I've seen WDs not be any good more than once. Sorry to be of no help whatsoever.
 

Nighthawk

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With a Quite Claim deed, he is only conveying what ever interest he has in the property.

A General Warranty deed is the best deed to have, it means he is willing to defend title in court if need be.

A Special Warranty deed, is given when a sheriff auctions property on the court house steps during a foreclosure sale, and not as good as a General Warranty deed.
 

jrusling

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You could have the abstract brought up to date and then you could probably get title insurance. Without an up to date abstract you can probably forget getting title insurance.
 

HMFIC

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iMHO, doing a bit of title research is going to be more important than a warranty vs. quit claim anyway. If it's worth it to you, just pay to have the title researched to give peace of mind. Even with a warranty deed, you can still end up with trouble that you don't want if it falls apart.

How much land / money are we talking?
 

HMFIC

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Thx. It's 5 acres. Under $13k.

I think it's pretty normal to conduct transactions like that especially on raw land with quit claims. I did two like that a few years back, both under 15K.

DO make absolutely sure that the legal description is 100% correct.
 

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