Have a residential property I am trying to take money out of. Picked it up from an individual who purchased at a tax sale. Was given an "As is" deed. Local title company says they cannot do anything with it. Any advice? Any private money want to get involved?
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"As is" Deed Without Warranty
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Last: 6 mo ago by CapitalFarmCredit
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There's no such thing as an "as is" deed in Texas. You have a general warranty deed, a special warranty deed, and a quitclaim deed. Did you try to do this by yourself without anyone helping you?
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Well it is easy.
What could go wrong?Quote:
Any private money want to get involved?
You need a real estate attorney. At the least, they'll be able to tell you where you actually stand.
General Warranty Deed, Special Warranty Deed, and Quitclaim Deed aren't the only types of deeds. Deed In Lieu of Foreclosure, Sheriff's Deed/Trustee's Deed/Foreclosure Deed, Deed Without Warranty, TODD - Transfer On Death Deed are some other types of deeds. Specific language in the different deeds in regards to warranties is a big item for any deed. The "Quitclaim Deed" really isn't a deed - it is more like a release of any claim someone might have on a property.
In any event, the property you purchased does still have value depending on what the purchaser is willing to risk in exchange for taking a deed to the property. Redemption issues might be a consideration as well.
In any event, the property you purchased does still have value depending on what the purchaser is willing to risk in exchange for taking a deed to the property. Redemption issues might be a consideration as well.
Thanks for the response Agilaw!
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You are correct. I should have said that there are three types of deeds that don't involve death, banks, or the government taking property. But that wouldn't really have been helpful, and there are still three types of deeds that would apply to private party to private party sales. And we see quitclaim deeds all the time on the transaction side. Normal people see them too, when folks online or on the infomercials are selling stars or naming rights to stars. Felipe dealt with a seller the other day who buys all his properties in his own name then transfers them to his LLC via a quitclaim deed (I'm guessing he found a template online somewhere). Pretty stupid.
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If this was a tax sale you are likely in the redemption period which can be up to 24 months in Texas. Until you are through that period you will not likely be able to get a loan on the property unless you find a private lender who is ok or does not understand the issue.
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Jay, that is correct. However, I feel like that is such a gray area. Is it 6 mo or 24 mo? This was at one time a residence but had been vacant for over a decade. Is that still considered general homestead? Either way I'm in a good spot on it.
As for the rest of you on this thread… be very weary of tax sales. They are dangerous! I've lost so much money at them. Take my advice and never show up to those auctions.
As for the rest of you on this thread… be very weary of tax sales. They are dangerous! I've lost so much money at them. Take my advice and never show up to those auctions.
Very likely not homestead, but if someone in escrow or underwriting approved closing without a judicial determination or excepting it I would whack them in the head.
Quote:
As for the rest of you on this thread… be very weary of tax sales. They are dangerous! I've lost so much money at them. Take my advice and never show up to those auctions.
Good try, Sir.
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