TITLE TIP # 5 DON'T GAMBLE WITH THE TITLE TO YOUR PROPERTY

TITLE TIP #5
Accepting a quit claim deed for real property is for gamblers.
Don’t take chances with your real estate investments.
Let me tell you why -
True life example:
A few years ago a Doctor came to us to insure and close on a property he just sold.
That property was given to him via Quit Claim deed from a patient who owed him a lot of Money.
The Doctor thought it was a good deal and rented out the house.
After a few years the Doctor decided to retire, sell the property as part of his retirement.
He found a ready, willing and able buyer.
We searched the title to his Quit Claimed rental and discovered there were more liens against the property than the property was worth!
When he accepted the Quit claim deed he also accepted all of the encumbrances and debt against the property!
The lesson is:
Always have the title to a property examined before you take title.
Insure the title.
Never accept a Quit Claim Deed - what you get may be more than you see!