Foreclosures
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Tax foreclosure - ramifications of quit claim deed?
Hi. I'm new to investing and live in NC. I'm currently buying my first property the traditional way - through a law office. In NC it's my understanding that a lawyer has to do the title search and they are an agent of the title insurance company.
I'm trying to do my second deal - a cheap little property that's only land. (A house had burned down.)
The current owners moved out of state. I want it to be quick and easy for them to sell. The owners of record are husband wife and son, and the husband had passed. There are back taxes owed.
Can I avoid the cost and ordeal of a lawyer and title search and have the current owners sign a contract and a quit claim deed?
Aside from other possible encumbrances, are there other implications for me?
For instance, when I sell, a buyer would need to buy with cash only correct? Could my buyer build a house and sell with a general warranty deed and get title insurance? Or will it always have a quit claim deed?
I could pay the back taxes and try to get them to come to a closing here, but I doubt they'd show up.
Thank you in advance for your advice.