I had a buyer recently reply back from one of my adds telling me that he can close with a quit claim, and usually does this on packages. I know generally what a quit claim is, but how do you close with a quit claim? Can anyone explain this to me in a little more detail?
I appreciate all the help that everyone has offered me in answering my questions.
Josh
At settement, title transfers from the buyer to the seller. At settment a deed is preparted, executed by the seller, and recorded at the court house to document the title transfer. A quit claim is weak form of deed. It is unusual to find an experienced investor willing to accept a quit claim deed. I am told that it is often difficult to get title insurance if a quit claim deed is in the chain of title. Most investors want a warranty deed.