Make sure you get an updated abstract and title insurance then.
Nope. I researched the title on the first floor to the right of the metal detectors. The lady there was super helpful.
The guy I bought it from wrote up the quit claim deed. He was a former land man. I looked it over. We had a notoriety stamp it. I filed it on the 2nd floor, I believe. The girls at the courthouse said it looked good and filed it. Everyone there was super nice and helpful.
You can go up to the country treasurer a floor up if you want to make double sure there are no back taxes on the property. Easy as pie and no closing costs.
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.
...property survey ....better get one....clear land title, mineral rights check.
I agree and mentioned it may be prudent to get title insurance in my first post.
I know; I just wanted to explain some of the specifics for the benefit of others.
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.
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.
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.
QCDs do have their place; I regularly use them in divorces where one spouse takes the house (and the mortgage) to extinguish the other's claim. There's no risk in that because the grantee on the QCD already has (or should have) a warranty deed conveying the property to him or her; the QCD is just removing an owner, not really transferring an interest. I would consider accepting a QCD from a close family member if I knew the story of the property (though I'd still do a title search to look for duplicate or wild deeds). From a stranger? Absolutely not, no matter how trustworthy, just because there are problems that he might not even know about--his good faith does not get imputed to the rest of the world.
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