Legal Question in Real Estate Law in Missouri
Warranty vs. Quitclaim Deeds
What must be done to have a piece of property deeded back to an original landowner who sold a piece of property based on loan terms that are in default? The buyer paid an initial down payment but made no further payments to the original landowner for the property. The buyer has recorded a warranty deed, signed by the original landowner, with the county Recorder of Deeds, so the buyer is now the recorded owner of the property. The original terms where agreed upon in writing by both parties, however, were never recorded. Thank you in advance for any direction.
1 Answer from Attorneys
Re: Warranty vs. Quitclaim Deeds
I don't understand how you structured this transaction so that the buyer could record a deed from the seller and thus become the owner of record before paying the purchase price for the property. Normally, where the buyer finances the purchase, the seller is paid in full at closing and the seller then transfers title to the buyer. Or, where the seller is financing the purchase for the property, there is a promissory note and a deed of trust to secure the payments required under the note. Then if the buyer defaults, the seller can foreclose under the terms of the deed of trust. Since it is not clear from your post what paperwork was involved, it is not possible to give you an exact answer. Have you asked the buyer to simply execute a deed back to you which you could then record? If you will post the details, I would hope that someone would be able to help you. Good luck.
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