Definition of Quit Claim Deed - Posted by John Merchant, JD
Posted by John Merchant, JD on July 08, 2002 at 14:19:45:
ALL that a QCD gives is the actual legal ownership interest, with NO WARRANTIES…so, as I’ve said before, but never got paid on it, is I’m perfectly willing to QCD you, or anybody else, all my interest in the Eifel Tower, or Washington Monument, etc.
Get the point? Just because I’m willing to give you a QCD is no indication or statement that I actually OWN the property…just willing to give you my interest, which happens to be NOTHING!
So you’re really not going to have any kind of good legal title until a title company is willing to give you a title policy saying that indeed, you now have title…so in this kind of situation, you may as well order a title right away, so you can know who owns the property, and from whom you have to have a deed…otherwise you’re just betting blindly that the Grantor of the QCD has the whole title…and this would be just like going to the bookie and telling him you’ll take any side of any football or baseball game, anytime, and handing him/her your money!
Think you’d beat the bookie on that one ? Right! But if so, I’ll also sell you my interest in the Brooklyn Bridge, for just another $50,000. Santa Klaus…that’s me !