Buying a property on a Quit Claim Deal, need guidance?

[Karim Shah]

I'm doing my first quit claim deal. I've only done warranty deed purchases, so this one is first. What do I need to look out for? What are the pitfalls?

[Steve Babiak]

Your seller is looking for a sucker to take a Quit Claim Deed rather than a warranty deed; YOU will possibly be STUCK with anything and everything that has been unpaid by ALL prior owners.

Getting Title Insurance is a good idea, but be certain that the things you have been told about (backtaxes and unpaid water) don't appear as exceptions in your title policy. Paying off these things should come from the Seller's side of the transaction at closing, i.e. the seller should net less money in proceeds due to the seller paying off these encumbrances.