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Is it legal to sell a foreclosed property in Massachusetts that has a cloud on the title by using a quit claim deed?
Wiki User
∙ 11y ago
Yes. In Massachusetts, and most other jurisdictions, it is up to the buyer to have the title examined in order to disclose any title defects. A buyer in such a case who didn't have the title examined would have to sue the bank and provide evidence the bank knew of the title defect. The chances of prevailing would be slim since the title status was available to the buyer by examining the land records and the bank simply quitclaimed its interest. You need to consult with an attorney.
A quitclaim deed does not guarantee the seller has good title it simply transfers whatever title the grantor may own. Purchasing property at a foreclosure sale is extremely risky. All foreclosure deeds are quitclaim deeds.
Caveat emptor!
Yes. In Massachusetts, and most other jurisdictions, it is up to the buyer to have the title examined in order to disclose any title defects. A buyer in such a case who didn't have the title examined would have to sue the bank and provide evidence the bank knew of the title defect. The chances of prevailing would be slim since the title status was available to the buyer by examining the land records and the bank simply quitclaimed its interest. You need to consult with an attorney.
A quitclaim deed does not guarantee the seller has good title it simply transfers whatever title the grantor may own. Purchasing property at a foreclosure sale is extremely risky. All foreclosure deeds are quitclaim deeds.
Caveat emptor!
Yes. In Massachusetts, and most other jurisdictions, it is up to the buyer to have the title examined in order to disclose any title defects. A buyer in such a case who didn't have the title examined would have to sue the bank and provide evidence the bank knew of the title defect. The chances of prevailing would be slim since the title status was available to the buyer by examining the land records and the bank simply quitclaimed its interest. You need to consult with an attorney.
A quitclaim deed does not guarantee the seller has good title it simply transfers whatever title the grantor may own. Purchasing property at a foreclosure sale is extremely risky. All foreclosure deeds are quitclaim deeds.
Caveat emptor!
Yes. In Massachusetts, and most other jurisdictions, it is up to the buyer to have the title examined in order to disclose any title defects. A buyer in such a case who didn't have the title examined would have to sue the bank and provide evidence the bank knew of the title defect. The chances of prevailing would be slim since the title status was available to the buyer by examining the land records and the bank simply quitclaimed its interest. You need to consult with an attorney.
A quitclaim deed does not guarantee the seller has good title it simply transfers whatever title the grantor may own. Purchasing property at a foreclosure sale is extremely risky. All foreclosure deeds are quitclaim deeds.
Caveat emptor!
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes. In Massachusetts, and most other jurisdictions, it is up to the buyer to have the title examined in order to disclose any title defects. A buyer in such a case who didn't have the title examined would have to sue the bank and provide evidence the bank knew of the title defect. The chances of prevailing would be slim since the title status was available to the buyer by examining the land records and the bank simply quitclaimed its interest. You need to consult with an attorney.
A quitclaim deed does not guarantee the seller has good title it simply transfers whatever title the grantor may own. Purchasing property at a foreclosure sale is extremely risky. All foreclosure deeds are quitclaim deeds.
Caveat emptor!
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How do you sue your title insurance company for not finding a cloud on your title?
You file a claim with the title agency as to the disbute. Remember, only pre-existing conditions up to the date you purchased the property would be covered and you need to check your Owner's Policy to see if the issue you are concerned about was covered or excepted from coverage on your Policy before you file a claim. If the "cloud" is something that came about AFTER you purchased the property, it would not be covered.
How do you respond to a Quiet Title?
An action to quiet title is a lawsuit filed to establish ownership of real property (land and buildings affixed to land). The plaintiff in a quiet title action seeks a court order that prevents the respondent from making any subsequent claim to the property. Quiet title actions are necessary because real estate may change hands often, and it is not always easy to determine who has title to the property. A quiet title suit is also called a suit to remove a cloud. A cloud is any claim or potential claim to ownership of the property. The cloud can be a claim of full ownership of the property or a claim of partial ownership, such as a lien in an amount that does not exceed the value of the property. A title to real property is clouded if the plaintiff, as the buyer or recipient of real estate, might have to defend her full ownership of the property in court against some party in the future. A landowner may bring a quiet title action regardless of whether the respondent is asserting a present right to gain possession of the premises.
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It is a type of "cloud storage" network drive supported by the University of Massachusetts Amherst.
Can conveyancing software be used in a cloud interface?
Conveyancing software can be used in a cloud interface as long as there is a software agreement. But there is legal and intellectual property issues on cloud services as well.
How do you correct a cloud in the property title?
Depends on what the lien is for. It has to be satisfied and released by them-usually with money.
Can a recorded quitclaim deed create a cloud on title thereby preventing a foreclosure action?
If you're asking if the defaulting mortgagor can stop the foreclosure by executing a deed and conveying the property the answer is no. To execute a deed wouldn't create a cloud on the property. The property would be transferred subject to the mortgage and the lender can continue with the foreclosure by giving notice to the grantee.
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Liens cloud the title to the condominium, meaning that the property owner owes a debt based on that property which must be paid in order to clear the title. Liens are also public record and may appear on owners' credit reports.
How do you get FNMA to pay HOA fees on foreclosed homes?
Working with a foreclosing lender is never an easy task. Best practices dictate that the board work with its counsel to file the proper paperwork and send the invoices to the proper address, and file the proper documents that cloud the title sufficient to have some chance of collecting the assessments due from the property at the time of sale.
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What is a quit deed?
A quitclaim deed transfers whatever interest the maker of the deed may have in the particular parcel of land. By accepting such a deed the buyer assumes all the risks. A quitclaim deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.A quitclaim deed can indicate the grantor's interest in a property is questionable or can be given to clear a title defect. However, it is also the form commonly used in many jurisdictions to transfer real property to an new owner. A comprehensive title examination performed by ba professional mitigates any risk by disclosing any outstanding encumbrances or title defects.
