Quick Claim Deed

Hi guys, I'm new here and I need help. How long after a property was given to me by a Quit Claim Deed , can be refinanced? Please HELP!!! surprised

Comments(2)

22nd July, 2003

I would contact a knowledgeable mortgage broker in your area. Different lenders have different "seasoning" requirements ranging from no seasoning to 1 year. you may expect to pay higher rate with those requiring no seasoning.
Taxguy22nd July, 2003

I am sure that you know, a quit claim deed means that the seller gives no warranties as to unknown clouds on the title. With this form of title the seller conveys only their interest in the property. Most lenders will refinance a property with a quit claim deed. However, the lender will require that you purchase title insurance indemnifying them against unknown defects such as unreleased leans etc. The lender's attorney will also have a title search done. You should always purchase a title insurance policy of your own. It's a small price to pay for peace of mind. Remember to consult your attorney before you move forward on this. I hope this helps.

Kind regards