Posted by Dave on April 09, 2008 at 03:06:41:
Thank You for the advice. I’ll take care of this ASAP.
WARRANTY DEED vs. Quit Claim - Posted by Dave
Posted by Dave on April 08, 2008 at 11:23:19:
I was doing a short sale that didnt pan out. During the process I took the owners deed and recorded it under my companies name. The owners, eventually had a change of heart and decided to work out a forbearance plan with the bank so they can keep their house. I have no problem giving it back to them and am happy they are back on trap. I just want to know what is the best way to do it, should I do a WARRANTY DEED and deed it back to them or just plain Quit Claim it back ???
Re: WARRANTY DEED vs. Quit Claim - Posted by jOHNp
Posted by jOHNp on April 08, 2008 at 18:15:47:
Dave I did he same thing a few years back. You are showing people that not all investors are bad. Good work.
JohnP
Re: WARRANTY DEED vs. Quit Claim - Posted by Bill H
Posted by Bill H on April 08, 2008 at 12:23:09:
Dave:
They are making payments on YOUR property.
To straighten out the mess your LLC MUST DFEED it back to them. You cannot just tear up the deed to you.
You can use a Special Warranty Deed…this says that you did nothing while you owned it…OR…as Michela-CA says just a quit claim deed.
I would do it ASAP…it could cause problems
Re: WARRANTY DEED vs. Quit Claim - Posted by michaela-CA
Posted by michaela-CA on April 08, 2008 at 11:31:17:
Dave,
do a Quitclaim Deed. That way you only say that you quit claiming any part that you may have in that property. But with a Warranty deed you’re giving a warranty for certain conditions that you may know nothing about. They’ve owned the house before and throughout, so who knows what may be lurking out there. It’s really nice of you that you’re willing to pull out of it, but do it without risk and you a QCD
Michaela