The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Re: Foreclosure occupied||Date: 1/16/2013 1:26 PM|
|Author: TMFPMarti||Number: 124570 of 128427|
I've seen several posters here comment about the quitclaim deeds as being undesirable, so I'm wondering what sort of deeds do people in other places get?
Here in MA, Quitclaims are the only type of deed of which I am aware, so if you won't accept property with a quitclaim deed, then you're not buying anything in MA.
And title insurance here is always purchased by the buyer and not provided by the seller. Is that also not typical in other places?
It sounds like who pays for title insurance is a regional thing. Here in the DC area, at least in MD and DC, the buyer pays. When I sold property in Kansas as executor of an estate the seller paid, even for the buyer's policy. As Peter mentioned, there's title insurance for the mortgagee--you're not getting a loan without it--and title insurance for the buyer.
I've never heard of quit claim deeds being the only type of transfer used, but I'd never before seen driving like I saw in Boston on my first visit. There's nothing inheritently wrong with quit claim deeds. They just don't warrant that the seller has any interest in the property to sell. That's why you get title insurance, even when the transfer is by warranty deed.
Rule Your Retirement Home Fool
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|