Posted by John Merchant on February 03, 2003 at 19:25:59:
A basic truth in RE is you can’t give any better title than you’ve got…and if all you have is a “collector’s” deed, (whatever that is. I’ve never heard of such), then how could you give a buyer anything more?
On any question like this, in general, I’ve found over the years, in most any state, the local title company, and its lawyer, are a great place to get advice, and usually can answer a question like this is short order and tell you what they’d require to issue a title insurance policy to your buyer.
Changing Collector’s Deed to Quick Claim Deed - Posted by georhend
Posted by georhend on February 03, 2003 at 16:32:59:
I have a Collector’s Deed (on land only) that I want to change to a Quick Claim or General deed. Can this be done and if so what is the process. I was told by the county trustee that lenders don’t want to lend money on collector’s deed. Is this true?
I want to build on this land; however, if it’s going to be difficult getting financing then I may just put a for sale sign on it. Please respond if you have knowledge of changing the status of this type of deed.
Re: Changing Collector’s Deed to Quick Claim Deed - Posted by Don Dion
Posted by Don Dion on February 04, 2003 at 24:46:39:
You seem to be getting bad advice from who ever your talking to. A deed is a deed once ownership is transfered to you and you record it you are the legal owner. When you build and sell it to another person your attorney will make up a General Deed transfering the property from you to the buyer. Drop me a line on the financing of the Construction Perm for the buyer. I will be happy to go over the in’s and outs with you.
Re: Changing Collector’s Deed to Quick Claim Deed - Posted by Ronald * Starr
Posted by Ronald * Starr on February 03, 2003 at 21:35:23:
I think John Merchant gave you good advice, which is his usual habit. He’s an attorney and helpful.
Now, if you can locate the former owner of the property and convince that former owner to give you a quit claim deed, you will probably accomplish that which you wish. Might take a few $$$ to convince that former owner. If there are several former owners the task becomes more difficult. If you find out that the former owner is dead, you are not likely to get a signature on the quit claim deed. However, you might use that an argument that the former owner is not likely to come around and cause trouble for you , your buyer, or the title company.
I assume that is a tax collector’s deed after a tax sale. You might find something in your state law on tax deeds about getting clear title. Here in CA there is a specific law which pertains to doing a quiet title action after getting a tax deed.
Good Invesesting*****Ron Starr****************