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Updated over 6 years ago,
Best Way to Transfer Ownership?
Hello Everyone,
I am looking for advise on the best way to transfer ownership of a property (most legal protection). I quick summary. Both properties are in California so Warranty Deeds are not used, only Grant deeds or Quit Claim deeds.
I bought a property from a family member a year ago. Without much research and only listening to said family member we did this with a Quit Claim Deed only. Everything has been smooth but with said family member in failing health now I am concerned I have not done enough to protect my full claim of ownership on this property. I currently have no title insurance on the property but that will change.
I am also now about to purchase a second property from the same family member. However this time I want to make sure I do things 100% right and give myself as much legal protection as possible. I feel a bit exposed with just the Quit Claim Deed.
Should I just contact a title company and pay the closing cost to go through them? Or can I do a grant deed, file it and just purchase title insurance? Will purchasing title insurance on the fist property be enough to guarantee 100% right of ownership? Are there any other steps I should take?
Thanks in advance for all information or input