Quit Claim Deed

[Robert Parsons]

Just curious as I am a newbie to the RE arena, but I am hoping to get steered in the right direction.  If I were to "purchase" a property "subject to" the existing mortgage, could a quit claim deed be used since the seller is in a must sell position, and if so how would you profit from using a quit claim versus signing the contract for the seller to keep the financing in their name fo 3 years?

[Dan Walters]

Take out "quit" and "warranty" and think of it as you are getting a deed to the property with the seller transferring or releasing their ownership.  You will show legal title (ownership) to the property.  Make sure and obtain POAs from your seller as well upon the transaction.  You will need those to communicate with the lender...i.e. getting a payoff authorization when you go to sell.  Like @Wayne Brooks said, treat it like any other RE transaction and get a title search and title insurance and then have the property transferred via warranty deed, not quit claim.