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The Water Cooler
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<blockquote data-quote="Dave70968" data-source="post: 3061556" data-attributes="member: 13624"><p>Without saying <em>you</em> 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 <em>forward</em> 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.</p><p></p><p>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 <em>has</em> 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 <em>warranty deed</em> 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 <a href="https://en.wikipedia.org/wiki/Warranty_deed" target="_blank">https://en.wikipedia.org/wiki/Warranty_deed</a> for a more thorough explanation.</p></blockquote><p></p>
[QUOTE="Dave70968, post: 3061556, member: 13624"] Without saying [I]you[/I] 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 [I]forward[/I] 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 [I]has[/I] 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 [I]warranty deed[/I] 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 [URL]https://en.wikipedia.org/wiki/Warranty_deed[/URL] for a more thorough explanation. [/QUOTE]
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