I started this business on Jan. 1 and finally signed my first deal. The seller just wants to walk away from this property. I signed him to a sub 2 contract for $10500. That is the balance of the loan he has on it. My first payment won’t be due untill June 1. He is also willing to sign a Quit Claim after a title search is done. I plan on getting title insurance for myself. The house needs about $10,000 of work and the comps are running at $30,000. Do I need to go through a full closing with my title company if he is willing to sign Quit Claim and title comes out clean? I need to save some money here. Any other advice would be helpful.
If the title comes out clean you can consider not getting title insurance. Your risk is anything that hits the title until your deed is recorded.
You should get a warranty deed instead of QC deed…
If I try to get a warranty deed I will need to have insurance for it, right? If not I need to get the form for this. I have a form for Quit Claim, is a Warranty Deed only available through a title company? Thanks for your help guys.
Terry
You should be able to get your state specific warranty deed at any legal forms store or yes, title co should have it. As far as I know it makes not difference with the insurance. If you are going sub 2, rehab & sell, I would not worry. If you will hold or resale, you might want to use a loan servicing co. and get them listed as payee and property manager on insurance policy. J