Consumption and Real Estate
How do I convert a Quit Claim Deed to Full Title?
Question : How do I convert a Quit Claim Deed to Full Title?
I just purchased a property from an Asset Management company int he form of a Quit Claim Deed. I would now like to try and sort out a full title on the property. Can anyone help me with this process? Thanks
property asset management
Best answer:
Answer by Realtoratheart
Steve, because you are dealing with a legal instrument, you need an attorney’s advise and guidance. If you’re cheap at this junction, then it will only cost you dearly later on. See legal advise, not some WAG’s.
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#2 written by wizjp 1 year ago
YOu need to hire title company/lawyer to search the title, determine who holds the current warranty interests, and do a warranty deed from them into you.
A quit claim deed from an asset manangement conpany may be worth nothing at all; or it may be they hold a warranty title from a foreclosure and only do quit claim sales.
Common misconception; you did not purchase a property; you purchased someone’s interest in the property via quit claim. I can quit claim you a deed for the Brooklyn bridge; doesn’t mean you own anything. Just convey’s my interest, whatever that is. The idea that a quit claim deed conveys an absolute and final interest to a property is absurd.
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#3 written by acermill 1 year ago
Your first and major error was in purchasing such property with nothing more than a quit claim deed. You should have insisted on a full warranty deed, or NO purchase. That would have put the onus of the responsibility on the seller to provide such clear title. NOW you face considerable costs in fully searching the title history and clearing out any past issues now on said title. Contact a real estate attorney, and have your checkbook ready.
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A quit claim deed conveys what ever ownership the grantor has and you do have full title to the property. You can’t and don’t need to convert it. Just purchase title insurance. That’s one of the differences between a quit claim and a warranty deed. With a warranty deed the grantor warrants he has title and will defend any claim against the title. A quit claim deed has no warranties and that’s why you should purchase title insurance. There’s nothing unusual about this transaction. The seller just doesn’t want to be involved in title issues, if any.
realtor.sailor