Newbie here with a question

Bird Dogs, Wholesaling
1

Hello Everyone!

I have been a long time reader of these threads adn now I am a first time poster.

I am a new REI in the Dallas-Fort Worth Metroplex and I am doing my first real deal.

Situation Homeowner is in the process of going into FC and she quitclaimed the deed to me. She also gave me the warranty deed.

There is a tenant there that will not leave and we need to get this house sold ASAP!

Two questions:

  1. What is the difference between a warranty deed and a quitclaim deed andwhy did she give me both of them?

  2. How can the HO get the tenant out in order for us to sell it?

I hope I didn’t sound to lame! :banghead

Thank you!

2

A quitclaim deed is an instrument used when the title to a property is given to another person without a title insurance policy being issued. It is used commonly in divorces when one spouse gives their interest to the other spouse to settle the divorce case. A warranty deed is issued when the title to a property is being given to the new owner and they are assuring that there are no liens or judgements on the property that will affect the ownership. It is typically coupled with a title insurance policy, but not always, as in the case of a Sub To.

As far as the tenant goes, if the tenant is on a month to month lease, and are paying the rent on time, then the proper notice must be given that the lease is being terminated and that they have XX # of days to vacate. If they don’t leave then an eviction will need to be filed with the courts.

3

Thank you ever so much for your response!

HO said that the Tenant will be out no later than May 5th.

:help Another set of questions question I would have is this…once I get the warrant deed recorded, will that make me the new owner of the property? What about the quit claim deed? Will I need that one recorded as well? :help

I have some people interested in the house and I need to know what will me next step will be.

Once again, thank you ever so much!

4

You only have to record one deed, the Warranty Deed. that will make you the new owner.

5

My grateful thanks to you once again, kind fellow investor!

You have truly been of a great help to me!

6

You almost through me for a loop when you kept saying HO. Now I get it. lol…Home Owner…DUH! :banghead

I think I’ll go to bed now! :flush