Using Quit Claim
I own a duplex that I am selling for personal reasons. I have a written & signed purchase agreement from a buyer I know well & trust. She has already secured her loan and has the cash in the bank for the closing.
My question is: If she can just pay me cash for the property (and I subsequently pay off the mortgage lien), can I just then quit claim it to her and be done with it without going through a formal close? It seems that if the buyer is OK with it & already has the $, it would be fine. Anyone else know for sure (or ever done it before?)??
Thanks!!
WB in Minnesota 
Why would she want to? A quit claim deed gives her no warranties against any title problems the property has or might have before closing. A warranty deed will CYA for her. What if you decide to just take her money and leave, forgetting about paying off that debt against the property?
She may have loan approval, but does she actually have the money? A lender will require a closing with all the bells and whistles if she is using the sold property as collateral for the loan.
What's the hurry? If she already has her loan, then the process is basically over anyway. Is the closing date not already set? If your buyer is really ready, then closing should be only 3-7 days away anyway.
Roger