I have several investor's who will use a QCD in many of their purchases. It is not reccommended but if they want to then more power to them. IF it was someome I knew well and trusted what they told me I would do a QCD. It is a lot cheaper.
One investor of mine will look the person in the eyes and say "tell me truthfully...is there any leins or anything against this property at all?"
IF they say no and he trusts them...he does the QCD...and has never had any problem in all his years of investing...(knock on wood) Someday he may have that one time when it will strike.
Thanks for the info. It is an out of state property, so I can't look him in the eye (unfortunately). Is there a website or someplace I can check for liens before I tie up this property???? Thanks.
Since it is out of state it is advisable to do a title search. That way you will have no surprises in the end. I don't know of any web sites that you can look at.
QCD = Quit Claim Deed...essentially it means you, the seller, will quit claiming the property as yours when the buyer buys it from you. Then you take that (QCD)sheet of paper (usually 2 sheets) to the Circuit Clerk and file it....usually $15.00 for the first page and $5.00 for each additional page. You also have to have it notarized before filing it. And the circuit clerk has to have original signatures not faxed copies.
Sometimes I have 2 owners and one living out of state...in this case you have to have each seller sign in front of their notary...there will be 2 notaries on a quit claim when there are 2 sellers and one living out of state.
It is a lot cheaper than doing a closing through a title company. My buyers always close with a quit claim deed. That is their choice.
thanks sissy great info sounds interesting!!! But a little complicated
sistreat wrote:
Gorgeous Frazier wrote:
Can someone explain exactly what that means?
QCD = Quit Claim Deed...essentially it means you, the seller, will quit claiming the property as yours when the buyer buys it from you. Then you take that (QCD)sheet of paper (usually 2 sheets) to the Circuit Clerk and file it....usually $15.00 for the first page and $5.00 for each additional page. You also have to have it notarized before filing it. And the circuit clerk has to have original signatures not faxed copies.
Sometimes I have 2 owners and one living out of state...in this case you have to have each seller sign in front of their notary...there will be 2 notaries on a quit claim when there are 2 sellers and one living out of state.
It is a lot cheaper than doing a closing through a title company. My buyers always close with a quit claim deed. That is their choice.
to check and make sure the person signing the QCD has stake in the property, and that its 100% him and not others. Anyone can do a quit claim deed for any property. You could do a quit claim deed on my house and resign any interest you have at all in my home. But guess what, if you don't have any interest in the property at all its worthless. Be careful, make sure to check owner records and whose on the deed at the recorder's office! If the person signing the QCD is not the only one who owns the property, then you are only getting a fraction of the property.
Offline
I have several investor's who will use a QCD in many of their purchases. It is not reccommended but if they want to then more power to them. IF it was someome I knew well and trusted what they told me I would do a QCD. It is a lot cheaper.
One investor of mine will look the person in the eyes and say "tell me truthfully...is there any leins or anything against this property at all?"
IF they say no and he trusts them...he does the QCD...and has never had any problem in all his years of investing...(knock on wood) Someday he may have that one time when it will strike.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Hey Sistreat,
Thanks for the info. It is an out of state property, so I can't look him in the eye (unfortunately). Is there a website or someplace I can check for liens before I tie up this property???? Thanks.
Robin
Since it is out of state it is advisable to do a title search. That way you will have no surprises in the end. I don't know of any web sites that you can look at.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
I do agree get ahold of the title Co. to run a search on whether there are liens against the property better to be safe than sorry.
MJ
MaryJane
Can someone explain exactly what that means?
QCD = Quit Claim Deed...essentially it means you, the seller, will quit claiming the property as yours when the buyer buys it from you. Then you take that (QCD)sheet of paper (usually 2 sheets) to the Circuit Clerk and file it....usually $15.00 for the first page and $5.00 for each additional page. You also have to have it notarized before filing it. And the circuit clerk has to have original signatures not faxed copies.
Sometimes I have 2 owners and one living out of state...in this case you have to have each seller sign in front of their notary...there will be 2 notaries on a quit claim when there are 2 sellers and one living out of state.
It is a lot cheaper than doing a closing through a title company. My buyers always close with a quit claim deed. That is their choice.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
thanks sissy great info sounds interesting!!! But a little complicated
QCD = Quit Claim Deed...essentially it means you, the seller, will quit claiming the property as yours when the buyer buys it from you. Then you take that (QCD)sheet of paper (usually 2 sheets) to the Circuit Clerk and file it....usually $15.00 for the first page and $5.00 for each additional page. You also have to have it notarized before filing it. And the circuit clerk has to have original signatures not faxed copies.
Sometimes I have 2 owners and one living out of state...in this case you have to have each seller sign in front of their notary...there will be 2 notaries on a quit claim when there are 2 sellers and one living out of state.
It is a lot cheaper than doing a closing through a title company. My buyers always close with a quit claim deed. That is their choice.
to check and make sure the person signing the QCD has stake in the property, and that its 100% him and not others. Anyone can do a quit claim deed for any property. You could do a quit claim deed on my house and resign any interest you have at all in my home. But guess what, if you don't have any interest in the property at all its worthless. Be careful, make sure to check owner records and whose on the deed at the recorder's office! If the person signing the QCD is not the only one who owns the property, then you are only getting a fraction of the property.