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The Water Cooler
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<blockquote data-quote="Dave70968" data-source="post: 3061579" data-attributes="member: 13624"><p>With a bank financing it, it's saf<em>er</em> 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), <em>and</em> you have to trust the entire world that nobody has come up with a fraudulent deeds.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="Dave70968, post: 3061579, member: 13624"] With a bank financing it, it's saf[I]er[/I] 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), [I]and[/I] 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. [/QUOTE]
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