Question on home purchase

[John6185]

Having a home inspector means nothing in some cases. I usually can check out a home and repair or fix most things but when I bought my present home I hired the first name "A" home inspector in the phone book. I should have asked realtor but didn't. Anyway, i asked him if he'd checked out the roof and he said he'd been all over it and it was A-OK. I found later that the shingles in a valley had no underlayment and therefore during train leaked and it also had hail damage. but he lied and never was on the roof. How do I know he lied-because he admitted it when I notified the BBB.
The moral of the story is, seek out a reputable home inspector.

 

[MacFromOK]

I found later that the shingles in a valley had no underlayment and therefore during train leaked

Yeah... not sure my roof would stand up to a train either...

 

[harley128]

Without saying you don't know what you're doing, I will say that in general, this can be risky. First, title searching can be tricky, especially in a state that keeps what's called a grantor-grantee index like Oklahoma. The procedure is to start with the current owner (most recent grantee), then look at the grantor and find the record on which he is the grantee (the record of his purchase), and work backwards to either the sovereign (original governmental land grant) or far enough back to ensure you've thoroughly met the standard for adverse possession. From that point, you then work forward through every grantor to his grantee to make sure the chain doesn't split (property conveyed twice). You can also have an outright fraudulent deed ("wild deed") in the chain somewhere that somebody may have received in good faith that really complicates things.

As a second risk, a quitclaim deed is literally what its name says: the grantor is extinguishing any interest he may have in the property. It's no guaranty that he actually has an interest, just disclaiming any interest if one exists. I could give you a quitclaim deed for the Devon Tower...I have no interest, so it would be meaningless, but I could do it. A warranty deed provides some guaranty of ownership: a special warranty deed covers that particular conveyance, while a general warranty deed protects the grantee back to the origin of the property (the sovereign). Look at https://en.wikipedia.org/wiki/Warranty_deed for a more thorough explanation.

This! Best advice yet. Quit claim deeds mean nothing.

 

[Shadowrider]

QCDs do have their place; I regularly use them in divorces where one spouse takes the house (and the mortgage) to extinguish the other's claim. There's no risk in that because the grantee on the QCD already has (or should have) a warranty deed conveying the property to him or her; the QCD is just removing an owner, not really transferring an interest. I would consider accepting a QCD from a close family member if I knew the story of the property (though I'd still do a title search to look for duplicate or wild deeds). From a stranger? Absolutely not, no matter how trustworthy, just because there are problems that he might not even know about--his good faith does not get imputed to the rest of the world.

They can certainly be used in this fashion, but they convey interest just as effectively as a warranty deed, IF the grantor does in fact own an interest at the time of execution. Also the warranty clause in a warranty deed estops the grantor from claiming the interest he conveyed down the road even if he acquires the title at a later point in time. A quit claim deed does no such thing in only conveys at the time and again, only if the grantor actually owns what he's deeding.

 

[turkeyrun]

I paid cash for my house. Owner owned house, free and clear, had deed in hand
We went to courthouse, all taxes were up to date. He signed deed, I filed it, $80. New deed on file. Handed him $$$ and we left.

 

[Dave70968]

They can certainly be used in this fashion, but they convey interest just as effectively as a warranty deed, IF the grantor does in fact own an interest at the time of execution. Also the warranty clause in a warranty deed estops the grantor from claiming the interest he conveyed down the road even if he acquires the title at a later point in time. A quit claim deed does no such thing in only conveys at the time and again, only if the grantor actually owns what he's deeding.

You're right, of course; I should have said "in such circumstances [as a divorce], the QCD effectively conveys no new interest, but merely extinguishes the claim of another joint tenant."

 

[mr ed]

Most home inspectors took a little course down at the votech and don't know diddly-squat.
Get a roofing company to inspect roof, a $69 service call to inspect heat and air and a termite exterminator for the bugs.
most everything else you should be able to inspect yourself.

 

[mr ed]

Better to use a closing company. They will bring the abstract up to date and you get a warranty deed with title insurance.
Much better than if theres a problem down the road and you have to have a quiet title suit which can cost a lot more than what the title co. charges.

 

[CHenry]

Better to use a closing company. They will bring the abstract up to date and you get a warranty deed with title insurance.
Much better than if theres a problem down the road and you have to have a quiet title suit which can cost a lot more than what the title co. charges.

I think I'll go this route. The cost associated with a Title Co. should be worth the piece of mind and added convenience.
I'll take care of inspections so all they need to worry about is the Abstract and title work. Shouldn't amount to a few hundred bucks and I'll ask seller to pay that since hes saving on realtor fees.
I'll pay my inspectors.

 

[CHenry]

I didn't read all the responses so you may have already done this but you should go ahead and get a contract in place between you and the buyer. The standard real estate contracts are available at no charge from the Oklahoma Real Estate Commission.

https://www.ok.gov/OREC/Contract_Forms_and_Related_Addenda/index.html

Thank you, I was wondering where to get that.