Consumption and Real Estate
I am in Michigan and need to know how to convert a Quit Claim Deed to a Warranty Deed.?
Question : I am in Michigan and need to know how to convert a Quit Claim Deed to a Warranty Deed.?
Without going to the homeowner who has become hostile over the last few months. My husband bought the home from a friend for me and a title search was never done. We have a Quit Claim deed and I am in need of a Warranty Deed in order to get a loan from the bank.
michigan home warranty
Best answer:
Answer by efflandt
A quit claim deed gives you the rights that person had for the property. It does not necessarily guaranty that they had any rights to give you. Did you record your deed at your county? I could give you a quit claim deed for that property and it would be meaningless and worthless because I have no rights to that property.
You would need to have a title search done to see if that person owned the property free and clear of any leins. A title comany or real estate attorney should be able to tell you what you need to do.
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#2 written by Mr Placid 1 year ago
You cannot “convert” a deed. Your question is like asking how you can convert a $ 100 check into a $ 10,000 check, because the homeowner gave you a check for $ 100.
Go to a different lender. I don’t see any reason why a warranty deed is required for a loan. As long as you can get title insurance, it should be no problem. In fact, if you do a title search, you’ll likely find lots of quitclaims in the title chain.
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I don’t understand why the homeowner would become hostile. You should have gotten a warranty deed in the first place.
Let me explain how a quit claim deed works: I could quit claim the entire state of Wyoming to you. If I have no interest in any real estate in Wyoming, you would get what I had: nothing.
Get a lawyer, have a title search done – make sure there is nothing there the seller is trying to hide. Somehow I think there is more to this than meets the eye. And if I were the bank, I would want a warranty deed too! In a warranty deed, the seller is basically saying that they have the authority to transfer the property to you: therefore the phrase “warrants and conveys.”