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[ Edited by scoobydoo2005 on Date 11/19/2005 ]
time to find a new buyer
The concern is would new buyer have trouble getting financing because of the quit claim deed?
Thanks bargain. Your comments are very helpful. Yes, I paid the seller and will record the quit claim deed in court house. The tile is squeaky clean.
It looks like you will be fine.
I do not think you will have any problem selling. When banks sell the foreclosed property it is very common that they will do it with quitclaim deed. The difference is that in case of a full warrenty deed, the present owners warrants( similar to gurentee) that every thing is good , workable etc. and warrants to hold you harmless in case of claims by third party. When he gives you quit claim deed, he does not give those warrenties nor he has to worry about claims by third party. it is your worry. To cover part of the risk, you could get title insurance for protection on your part, in addition to the title insurance needed to protect the lender.
Title transfer when you sell should be clean. There is title insurance ( i am assuming) up to the point where your seller bought the property.
So you are only asking the title company to insure title back to that point, which they will do.
I like using the same title company that did the previous policy if I can just to save any trouble. No blame game if something goes wrong. It is ALL their fault.