QC Deed for grantor’s lifetime

[Michele G.]

I am looking at a triplex that is 99% owned by an LLC. It looks like the owner put the triplex into an LLC and then QC’d 1% ownership back to herself. The public records show a QC deed on file granting “an undivided 1% interest in the property to (the individual owner) for the grantor’s lifetime to do with as grantor pleases.” The owner does not live on the property. The QC deeds I’ve seen before have not been worded like this. Is this normal? Is there anything I need to be cautious of or aware of if I choose to make an offer on the property? What is the purpose of QC’ing 1% interest back to yourself?

[Brent Coombs]

@Michele G., who's to say she has any percentage of actual ownership?

I suggest: stay away from anyone trying to sell their stake via a Quit Claim Deed!

Ask a Title Company: How can ownership be transferred by "Warranty Deed"?

Submit any Offer as: "subject to clear (Warranty Deed) Title being granted at closing", and any deposit should be put into an escrow account of your choosing (ie. Not handed over to the alleged "owner").

[Not legal advice - but you should get some]. All the best...