If you received a property ownership transfer through a quitclaim, it might complicate the process of selling the house. Can you sell a house with a quitclaim deed? As long as you can find the right buyer, selling a house with a quitclaim deed should have fewer challenges.
Why Properties Have Quitclaim Deeds
A quitclaim deed legally transfers one person’s interest or claim to a property to another person. This is a common method for transferring properties among family members.
Selling a property using a quitclaim requires a high level of trust among the two parties involved because there are no guarantees that the seller is the only party with a claim on the property. Discovering such claims later could complicate proving who owns the property.
Why Quitclaim Deeds Complicate the Selling Process
When some buyers find out that the property has a quitclaim deed, they might stop trying to purchase it because of the potential for complications arising during the sales process. You need to find the right buyer who isn’t concerned about potential complications.
No Protections Against Title Defects
When a quitclaim is part of the selling process, there’s no guarantee of a clear title. It also complicates the process of obtaining title insurance, which may make some buyers nervous.
Managing the Disclosure Process
Disclosures about the property are a bit more challenging when a quitclaim deed is involved. Can you sell a house with a quitclaim deed without making disclosures? Some buyers will insist on a greater level of disclosures from you before they’re willing to make an offer on the property.
Greater Risk of Fraud
Some buyers might worry about how fast the selling process occurs when a quitclaim is involved. Unscrupulous sellers might create fraudulent quitclaim deeds, hoping buyers won’t have the time or ability to verify them. Traditional real estate market buyers might be uncomfortable with the potential for receiving fraudulent documents. However, companies that specialize in purchasing homes in unusual circumstances, such as as-is cash buyers, are familiar with expedited purchases and quitclaims.
Dealing With an Existing Mortgage Can Be Tricky
If the home had a mortgage at the time the quitclaim was issued, the new name on the deed might not match the name on the mortgage. If this describes your situation, you would likely have to either pay off the mortgage or transfer it into your name before you can sell.
Contact Pyramid Properties for Help When You Have a Quitclaim Deed
So, can you sell a house with a quitclaim deed? Selling with a deed of trust or a quitclaim could complicate the process, but it depends on the buyer. If you’re worried that real estate agents and buyers in the traditional market might avoid your property because of the situation, you have another option.
Using an as-is home buyer gives you an experience you can trust. Call Alan with Pyramid Properties for information. Pyramid Properties buys homes in any condition and for any reason. Alan takes the complexity out of your real estate transaction. Call Alan today at (901) 504-5555.