Rental Property Investor · Milwaukee, WI · Member since 2016 · 90 posts · 11 votes
Submitted an offer last night for an investment property in Milwaukee (a duplex), and the Seller countered with this:
Conveyance of Title: Upon payment of the purchase price, Seller shall convey the Property by Quit Claim Deed without warranty of title.
I know this is the weakest of deeds, but I don't know much else about this... Could someone else potentially have claim to the property? How can I protect myself? Why would they request this, and should I not be accepting this counter due to it?
The seller knows, or suspects, he doesn't have clear title. Do you want to buy his problem? If not, only do it by normal transfer/warranty deed, with title insurance. You might just ask him why, for education/entertainment.
@Amir B Erez I talked to my lender, and they will be doing a title search before we move forward. When I balked at the Quit Claim Deed, they did offer a "Special Warranty Deed" instead. For my own knowledge, is this typically what is provided? Soooo close to getting this sorted out, haha! Learning so much though.
@Amir B Erez hey! No worries. Had a lawyer review, so that part worked out ok. Walked away from the property though after the inspection. Too much needed :( Found a better deal recently though so hoping the inspection goes well.