Re: Looking for thoughts, opinions, and feedback on a purchase & lien situation.[ Edited ]
10-08-2012 03:00 PM - edited 10-08-2012 03:03 PM
I just want to add on more data point of information. The reason QUIT CLAIM DEEDS are the very worst type of deed is because any one can prepare and record a Quit Claim deed on any property in the country.
The person signing the Quit Claim deed (Grantor) is saying that they are passing any claim or interest (as in ownership interest) to the property that they "may" have in the property to the Grantee (person receiving the deed) but there is no representations/warranty that they actually own or have any interest in the property that they are quit claiming!
For example, I can quit claim my interest in the Sears Tower - but I don't have any interest in the Sears Tower so the Quit Claim is meaningless. The person receiving the quit claim deed only gets the interest in the property that the Grantor (person that signed the quit claim deed) actually has. If there is no ownership interest, that's exactly what the Grantee gets - nothing! That is why you, as a buyer, don't want a quit claim deed as a general rule.