posted 01-03-2002 17:01            

I was expecting to have to pay closing fees etc through a solicitor/agent and this took me by surprise. What is it and is it enough?

I'm in the U.K. and as you could expect not too familiar with Florida law.

posted 01-03-2002 17:31            

Often a quit claim simply says something such as, "In exchange for valuable consideration, I relinquish and quit any claim I may have in the property described as ..."

In other cases it may have language saying that they are quitting their claim and transferring all of their claim to title to the named individual.

Note that this says nothing about whether the person's claim to the property is valid in the first place, or that they are the sole owner of the property. So, if I were relying on a quit claim, I would want to be sure that the deed included those representations.

It has always seemed to me that a quit claim is most useful and appropriate when someone's name is being removed from a title, rather than to transfer title. I prefer title transfer using a grant deed or warrant deed, since those documents are designed to transfer title, not simply relinquish a claim.

The next question you need to consider is whether the person selling the property is the sole owner of the property. For some information on that topic, go this web page:

verifying title to real estate and recording of deeds.

posted 01-04-2002 07:46            

As mentioned, a quit claim deed DOES not let you know if they still owe money on it or anything else like maybe there is an additional assessment with dues...etc.

posted 01-04-2002 08:16            

That being said, I want to reiterate that a quit claim merely transfers or relinquishes a whatever interest in or claim to title the issuers purports to have.

In the case of a title dispute, the interest transferred may not exist at all. I may be alleging that I have an interest in the property (perhaps as a former spouse, and the property was sold without my concurrence). I can transfer that interest to you via a quit claim. If my claim is found invalid, you have nothing.

As another hypothetical, party A might have title to the property. Party B is a former spouse, with a community property claim on the property. You get a quit claim from Party A that transfers their ownership to you. You might find out that you do not have exclusive ownership of the property, but rather you are a tenant-in-common with the former spouse, each having a 50% interest in the property. Or if the former spouse has died you might find yourself involved with probate or heirs.

Can get pretty messy, huh? With a quit claim, I understand that your recourse options may be limited, because the seller(s) may have merely transferred whatever their interest is, without any representation that they are the sole holder(s) of title. With a grant deed or warrant deed, the seller is more likely representing that they are transferring title to the property, free and clear. Then if you are a TPWOK (see my posted link above for a description of a TPWOK), you have title, because the seller has represented that they have full title and you have no reasonable basis to believe otherwise.

If others more knowledgeable in real estate would care to set me straight on this please do so, as I am always eager to better my knowledge in these matters.