Quit Claim Deed
I found an abandoned home. I called the owners. They do not want the property. They have a city lien for $620, taxes $1344, and two other liens totalling $18000. The house appraised in 1996 for $47000. They want to rid themselves of the property. I have offered to lease option it. They dont even want that. They want to quit claim deed it to me. After repairs (10,000), it would appraise about $80,000. What exactly do I need these people to sign? Is a quit claim deed enough?
A QCD will convey only the Signers' interest in the property, whatever that interest may be. Their interest may not necessarily be good title.
But a QCD would do it... so you should at least get a professional title search done before you sink any dough into it.
Any reason in particular the house was abandoned?
Make sure you know the collection status of the liens.
ompromised...
The owners started fixing it up. They had the mortgage paid off. They borrowed from 2 companies for windows and siding. They decided they did not want to do the work. Husband lost job. Could not afford to finish. They moved. This is the final year for the tax sale. They can't afford to catch everything up, and dont want to.