Legal Question in Real Estate Law in Indiana

Quitclaim Deed

I am trying to sell a condo, in Indiana, on contract. The potential buyer is requiring that I sign a quitclaim deed. What am I signing over to him? If he quits paying, can I get the property back? I guess I do not know the details of the deed and what the necessity of signing it.

thanks


Asked on 8/22/03, 4:03 pm

2 Answers from Attorneys
John Bator Bator Redman & Shive

Re: Quitclaim Deed

A quitclaim deed transfers title to the real estate with out any warranty as to the title. This means that if he doesn't pay you, you do not have the ability to foreclose on the property to get your money-your only option would be to sue for damages. He could even sell the property and not pay you.

If he insists on a deed, you should insist on a mortgage for the balance of the sale price that you are financing by letting him pay you over time.

Don't fall into his trap-hire a good real estate attorney to assist with the paperwork-the cost is minimal

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Answered on 8/23/03, 9:41 am
C. David DuMond Law Offices of David DuMond

Re: Quitclaim Deed

Do not give a contract buyer a quitclaim deed. If you were taking back a mortgage instead of a selling "on contract", then the buyer could demand a "warranty deed." Be careful.This buyer could be a sneaky manipulative person. Maybe just ignorant.

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Answered on 8/22/03, 5:51 pm


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