Home Buying in Tampa>Question Details

 Tony, Real Estate Pro in Lehigh Acres, FL

Quit Claim Deed

Asked by Tony, Lehigh Acres, FL Sun Aug 29, 2010

A guy bought his home from a tax deed sales. Now he sells it to me. The only thing worry me is that he only provides me a quit claim deed not a warrantee deed. I understand it is very common transaction in Real Estate that transfers the ownership from family members but I don't know him. I did check on the county website that indeed he did register with the county, Hillsborough County. Is it safe for me to obtain the quit claim deed and file it with the county clerk? Will it be another person few years from now claims this property is belongs to his/hers? What is the best way to handle the situation? Can I have the title company to close the transaction? or do I need a lawyer to take care the sale?

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You certainly can handle a real estate closing through either a title company or real estate attorney. You should obtain an owners title policy to protect your interest in the property and to confirm marketable title. Typically this is a seller related fee, however, your real estate contract should have clarified how this detail was to be handled. Also the seller normally selects the closing agent.
1 vote Thank Flag Link Sun Aug 29, 2010
- Is it safe for me to obtain the quit claim deed and file it with the county clerk?

No.

- Will it be another person few years from now claims this property is belongs to his/hers?

Could be.

- Do I need a lawyer to take care the sale?

Yes, Toni, you do.
0 votes Thank Flag Link Sun Aug 29, 2010
Toni,

You can contact attorney Larry Fuentes in Tampa. He is probably one of the best Real Estate attorneys in Tampa with decades of experience. He will instantly be able to get to the bottom of what liens are stuck with the property. IRS liens, tax liens, 1st mortgage liens will survive a foreclosure brought by a 2nd lienholder.

Better to know upfront before you invest any money to fix up the property.

Here's contact info for Larry Fuentes:

http://www.fklaw.net/

Hope this helps.

All my best,
Alma
Alma Rose Kee, PA
Future Home Realty
http://www.SoldOnTampa.com
813.244.9898
0 votes Thank Flag Link Sun Aug 29, 2010
You should definitely talk to a lawyer before closing the transaction, and I would strongly advise title insurance. The title company can guide you through the process of making sure you have a clear and transferrable title, should you ever need to sell the home. Good luck.
0 votes Thank Flag Link Sun Aug 29, 2010
It is not very safe to accept title to a property from someone with a quitclaim deed if your are not completely sure of the ownership of the property. You would not likely have much recourse against the seller if you found out later that there was a problem with the title. A title insurance policy would be a very good idea in this situation.
0 votes Thank Flag Link Sun Aug 29, 2010
I am skeptical of a quit claim deed only.

Regardless of the relationship --- family or otherwise --- it's best that you get clear title, and that any liens or encumbrances on the property are settled before you take ownership.

When I lived in Florida (Tallahassee and Orlando) I was told by my lawyer that when I signed over a quit claim deed to a property, it didn't relinquish my financial obligations on the mortgage. Had the person I gave the quit claim deed to failed to make payments on the property, the lenders would have chased after me.

Don't rely on the advice of strangers unless that advice is to tell you to consult your attorney and escrow officer.

Good luck!
0 votes Thank Flag Link Sun Aug 29, 2010
Bill is right, though I would add that there can also be an issue when you go to sell the property. To get Title Insurance depending on the situation they may require that either the previous owner who lost their home sign a quit claim deed also or a quiet title might need to be done which can take 2 - 4 months.

I would recommend that you contact a Title Company and work at getting this taken care of now rather than waiting. If the owner who lost the home to a tax lien is agreeable to sign a quit claim you are good, if not a Real Estate Attorney will likely be necessary for a quiet title.

Jeff Launiere, ALHS, CDPE
813-469-3163
0 votes Thank Flag Link Sun Aug 29, 2010
Contact a title company and do a title search before you go ahead with the transaction.
0 votes Thank Flag Link Sun Aug 29, 2010
Toni,

a quit claim deed does not guarantee marketable title. there could still be liens on the property that you could unknowingly be responsible for. If you did not use a realtor to handle the purchase of the property, I would highly recommend you get yourself a real estate attorney and close thru a title company. Both will be able to help protect you in this purchase.

Bill Szydlowski
Future Home Realty, Inc.
Web Reference: http://www.tampamyhome.com
0 votes Thank Flag Link Sun Aug 29, 2010
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