Made a deal to buy a house very cheap. Owner has signed over house with a QUIT CLAIM DEED to son who is living in house. The son filed the quit claim deed last Friday and now wants to sell me the house. Like I said I am getting the house very cheap, appraised at $17,000 buying for $6,500. What kind of checks do I need to do to make sure I am not responsible for any outstanding debts or liens? By the way 1500 of the 6500 is back taxes which I will pay direct to the county and city. Can I just look at the grantor/grantee index and see if there are any liens? Is that enough? Guy wants to close this Wednesday so I don’t have a lot of time. Thanks in advance!!
I would recommend getting a title search and buying title insurance. It is not very expensive.
Mike
Atitle search or a title opinion??
In my area, they call it a title search. I’ve never heard the term title opinion, but it’s probably the same thing. Obviously, the idea is to insure that you will have clear title. The title insurance will protect you if the title opinion is wrong.
Mike
A title search is more indepth and more formal than a title opinion. Get the Title Search and pay a couple hundred bucks for it and the title insurance. It’s worth it.
Keith
Title Opinion is just an opinion without any guarantee (RE attorney can give you title opinion but they are not guarantee). why don’t you do the title search and buy the title insurance.
x_kamikazez_x
If you are paying for title insurance I would go ahead and pay a little extra to insure the house for the full value. Otherwise if there are any issues you will only get your 6500 back. By paying for a policy insuring the full value you will get the full value of the home should there be any title issues.
This is my first home purchase. Do you buy the insurance from the title company? Or do I get it through State Farm or some other insurance company?
You get the title insurance from the title company.
Mike
Great News!!! Closed on the house yesterday!!! With title insurance…
Total out of pocket expenses to buy house $7,300. Goal is to put another $5,000—$7,000 in material, I do all labor and sell house for $34,000 in 3-6 months!!
Good deal, Sandman…good luck.
This is a good decision IMO!
Keith