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Updated almost 5 years ago on . Most recent reply

User Stats

25
Posts
6
Votes
Aaron Jones
  • Investor
  • Edmond, OK
6
Votes |
25
Posts

To quitclaim or not... that is the question!

Aaron Jones
  • Investor
  • Edmond, OK
Posted

I have a relative (in-law) that is selling me a house for dirt cheap:

($18k for a house that will be worth ~$45k after about $10k or less of work)

We're not involving any realtors because that seems unnecessary and would significantly impact my costs. My question is about how to close. I spoke with a title company and they told me that it would cost me at least $1500-1800 to close with them and get a warranty deed. That seems a bit expensive. I mean, that's 10% of the purchase price. 

So I was thinking... Maybe I can just quitclaim it. I mean, I have examined the title records on the property for the last 70 years via the county's online records system. Everything looks legit. Any reason why I should not just quitclaim it and avoid the extra expense?

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