OfflineHi everyone-
We bought a property last month as part of a multi-property deal. We decided to sell one condo today when we got the right offer. We are doing a net deal, but he asked to buy it without using a title company to save on the closing costs. We used a title company when we closed so we know the title is clean. Is all the risk on him? And can we close with no title company? Is it as simple as he gives us a cashiers check and we quit claim deed the property to him?
We would love to hear thoughts on this. Thanks so much for the insight.
Nicole and David
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Hey Nicole & David,
You don’t need a title company when closing on a property,
however it is definitely clear & simpler.
Yes, he can pay you & you can quit claim the property over to him.
Since he is buying the property he will be responsible if there is a
“cloud” on title.
If you were to do this in the future, you would have your standard
real estate purchase contract, he would pay you via cashier’s check
or cash and then you would quit claim it over to him. However,
if there is mortgage on the property, YOU would still be responsible
for the mortgage since it is in your name. His name would be on the
title but you’d have the responsibility of making sure the payments
were made. The quit claim does not transfer the mortgage.
So if the property is owned free & clear, you’d have your
purchase contract, your money from the buyer & then
quit claim the title…I would also recommend that you have
a notary public valid the transaction.
So, title companies or real estate attorneys are the cleanest
way of selling & transferring ownership of a property,
but you don’t have to use them.
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