I recently negotiated a deal with a seller of a 5 plex in Louisville, without a broker. I am paying cash. The seller wants to close the property without a contract and use a quit claim deed, to transfer ownership I'm not a big fan of this approach. I've always used a broker and closed properties with a title company and a contract. Is there a way to close the property with you guys and still get title insurance and search the property throughly using a general warranty deed or a quit claim without a contract?
Here is the owners email
We have come so far without a contract and we should finish it without a contract. I do not see a need for it! You give me the cash and I will Quit claim the 2 properties to yoiou with the stipulation that you acccept the Property as is and not to sue me for any reason! Title Company sometimes play trick on me. You can get a title insurance anytime you wish. I will be in Louisville this coming Wednesday and thursday. As soon as tyour money clears my Bank, I will release the Quit Claim Deed to you and I have done it many times. It is not a big deal
Thank you any help would be great!
1 Answer from Attorneys
The lack of a contract is not particularly problematic. It is better to have one, but not absolutely required. On the other hand making sure there is clear title and a property inspection are absolutely positively important. A title company is your best bet to handle the closing. It is worth your while to pay for their services.
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