Quitclaim Deed – Can it do the job?
April 27, 2015Which Custom Home Builder? (Part 1 in a Series)
May 2, 2015
As you are probably aware, if you ultimately receive legal title to real estate through the governmental processes associated with a county tax sale, you will want to assure free and clear title in order to possess the ability to sell and convey insurable title in the foreseeable future.
Any knowledgeable purchaser for value and all title companies will generally require evidence of such quality of title prior to closing a sale. Regardless, one should always avoid the potential liability for representing and warranting a certain quality of title without substantiating the same to the best possible degree.
There are a few means to achieve some level of assurance, but acquiring an Order to Quiet Title to Real Estate will usually provide the best level of protection. And, with a historically high number of foreclosures and tax sales, combined with the evolution of the securitization of mortgages, there is a greater potential for adverse title issues. As such, obtaining an Order to Quiet Title is more valuable than ever.
If an action is uncontested, in many counties a quiet title order can often be granted in approximately two months from the time of filing and depending upon the attorney it should be less costly than other methods of assurance. And, if an action is contested, wouldn’t it be wiser to defend now rather than later after additional capital has been invested in the property?
Note: The views expressed are solely the opinion of the author.
Image source: Striebeck Law P.C.
