Unlock the Power of Digital Signature Licitness for Quitclaim Deed in United States

How to eSign a document: digital signature licitness for Quitclaim Deed in United States

hello again I'm attorney Robert lesss in this video I'm gonna tell you about the danger of purchasing a property and receiving title to a property under a quitclaim deed but first if you find that you liked this video consider subscribing to my channel for more videos that cover a wide range of legal topics that may help you a quitclaim deed is typically used to convey the interest of the owner to another party but unlike a warranty deed a quitclaim deed only transfers the interest that the seller has and that interest could be subject to liens on the property that the buyer now assumes in other words you're taking a big risk when you purchase a property and take title under a quitclaim deed quitclaim deeds are frequently used in divorce cases where one spouse transfers their interest in the property to the other spouse or when a parent is transferring property to children another application is when a member of a limited liability company transfers their share of a property to the other members of an LLC now these transactions are typically acceptable but there's one instance we're taking title to a property under a quitclaim deed could become very costly to the buyer I'm gonna share a true story with you right now a client of mine purchased a property on a land contract when my client paid the land contract in full the owner transferred the property to my client with a quitclaim deed by the way my client never consulted with me when purchasing the property and if my client did the result would be different well long story short a few years later my client wanted to sell the property my client found a good buyer and that buyer applied for a mortgage and was approved however when a title search was performed on the property a big Lena in the title for a judgement that was taken against the original seller and of course the judgment was required to be paid in order for my client to sell the property the original judgment was for $9,000 and the interest accrued to over $8,000 for a total lien of $17,000 so my client contacted me my client was obviously shocked my clients realtor didn't know what to do when a judgment is taken against a person if that person owns real estate the lien attaches against any property that is owned by that person at least that's how it works in Wisconsin fortunately I was able to negotiate with the judgment holder for a substantial reduction in the judgment lien what happened to the original owner nowhere to be found that's why that owner conveyed to that property to my client with a quitclaim deed sneaky huh but my client should have checked before even signing the land contract that was an expensive lesson for my khatma client and for investors out there who purchased property and try to save money by not hiring a lawyer who is knowledgeable in the area of real estate transactions before purchasing property well I hope this video was helpful for any of you out there who are property buyers I'm attorney Robert lesss and thanks for watching