The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Foreclosure occupied||Date: 1/15/2013 5:35 PM|
|Author: JAFO31||Number: 124561 of 128427|
<It would be up to you to purchase a title insurance policy.>
You are assuming that you can even find a reputable title company that will insure over a quit claim from whomever you would be obtaining it.
A quit claim gives the title company no warranty of title, and no person against whom to be subrogated, and, as a result, requires the title company to assume a bunch more risk (especially if the Seller/Maker of the quit claim will not executed the title company's usual Owner affidavit.
You might pursue this one, but multiple red flags are waiving, so it is not for the faint of heart or for those unwilling to do more than the noraml amounts of due dilgence and probably to incur legal fees in advance of purchaser for advice (with no guarantee of being the succesful purchaser). And it could still be an alligator (or a bear, depending upon your favorite allusion).
Yes, I am a lawyer, BUT THIS IS NOT LEGAL ADVICE; it is only general information. NO CLIENT RELATIONSHIP IS INTENDED TO BE CREATED, NOR IS ANY SUCH RELATIONSHIP SO CREATED. FOR SPECIFIC LEGAL ADVICE YOU SHOULD TALK TO A LAWYER IN YOUR AREA.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|