Closing w/o Title Company or Atty-Protecting myself

It’s basically a wholesale deal, I bought a house from one of the REDC/USHomeAuctions events 6 weeks ago, paid $58k cash, took title in an LLC. I’m selling for $72k cash, no financing involved. Not a super deal, but I’m pleased with it.e agreed on a private closing. I’ve closed numerous deals that have worked out fine-- including one in a bar over a beer–but wonder if there could be any complications.

We’ll meet at a local bank, use one of their rooms and their notary, I’ll deed him the house. Neither of us wants to pay a title company or atty, and they probably wouldn’t close it w/o doing their own title work anyway, especially these days. I got a Quit Claim Deed from the bank when I bought, with title insurance, title’s in my LLC name now. It was foreclosed by Wells Fargo, so the title should be clean.

Should I worry about giving my buyer a Warranty Deed? Seems like the bank’s foreclosure + the title insurance should make that OK, but I’m anxious anyway. I’ll give him CYA disclosures (I haven’t lived in property, don’t know much about it, etc.). He seems naive and trusting, and I’m not pulling any tricks, but I want to be protected. Any other documents I should get for such an informal closing? Any other tips? We’re meeting next week.

If I were the buyer, I would not accept a quit claim deed. I would require a warranty deed.

Right, nor would I, but that’s not my question. If I warranty this property’s title by giving a W. Deed after it was quit claimed to me by the bank (with Owner’s Policy of title insurance), am I opening myself up to any potential problems later? Seems like my title insurance should apply if I did, but only up to what I paid, not what my buyer pays.

Talk to you title insurance company about putting a warranty on the properties title. Your title company will explain to you of any potential problems later. Personally I don’t think it will be a problem and I wouldn’t accept a quit claim deed either.

Consider using a Special Warranty Deed in your situation.