Real Estate Title Question

[JeffJ]

Quick and Dirty

MIL and her sister own 50% of a condo located in Cameron County. Other 50% is owned by another party. I am buying out the other party in cash. What is the quickest, easiest and most economical way to get the other party off the title and me on the title?

[ramrod]

title company

[Grayson]

Quick and Dirty

MIL and her sister own 50% of a condo located in Cameron County. Other 50% is owned by another party. I am buying out the other party in cash. What is the quickest, easiest and most economical way to get the other party off the title and me on the title?

Quickest, easiest, and most economical is to pay them cash (wire, cashier's check, etc.) and to have them execute a deed of their interest to you.

But that's NOT recommended, and is very very unsafe. The safest is to enter into a written contract to purchase their interest, and buy title insurance.

[JeffJ]

Quickest, easiest, and most economical is to pay them cash (wire, cashier's check, etc.) and to have them execute a deed of their interest to you.

But that's NOT recommended, and is very very unsafe. The safest is to enter into a written contract to purchase their interest, and buy title insurance.

Would it make a difference to you if the sellers were family friends for over 50 years?

[batmaninja]

I want to say that a quit claim deed is the easiest deed wise.

Condos are known to fee F you out the wazzo. I would look into that side of things before signing anything.

[Grayson]

Would it make a difference to you if the sellers were family friends for over 50 years?

No sir, because the cost of title insurance is cheap, relative to the cost of fixing these types of problems in court.

[JeffJ]

No sir, because the cost of title insurance is cheap, relative to the cost of fixing these types of problems in court.

Great. Thanks. Just so I can be somewhat educated, what are some of "these types of problems"?

[Grayson]

Great. Thanks. Just so I can be somewhat educated, what are some of "these types of problems"?

People not owning what they say they own (contract to sell to you).

[Ouch]

Quickest, easiest, and most economical is to pay them cash (wire, cashier's check, etc.) and to have them execute a deed of their interest to you.

But that's NOT recommended, and is very very unsafe. The safest is to enter into a written contract to purchase their interest, and buy title insurance.

1. You misspelled "quitclaim and a handshake"

2. Dang lawyers.

[Charles]

Would it make a difference to you if the sellers were family friends for over 50 years?

All the more reason for a written contract and title insurance.

[gemini2759]

I live in Cameron county. Go thru a title company please. Safest way to know there are no liens incurred.

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[gemini2759]

Closed last month on a house and used Sierra title on the island. Smooth transaction with Linda. Shes an old pro.

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[The Crippler]

Quickest, easiest, and most economical is to pay them cash (wire, cashier's check, etc.) and to have them execute a deed of their interest to you.

But that's NOT recommended, and is very very unsafe. The safest is to enter into a written contract to purchase their interest, and buy title insurance.

This.

You may be able to get it done a little cheaper and faster by having a title attorney render a title opinion covering the interest and conducting a closing in his/her office, but you still won't be insured against any "misses"...

[The Crippler]

People not owning what they say they own (contract to sell to you).

This, plus undisclosed liens, judgments, additional interest owners, restrictions, condominium agreements, easements, party wall agreements, etc.

[Burnadell]

I want to say that a quit claim deed is the easiest deed wise.

Condos are known to fee F you out the wazzo. I would look into that side of things before signing anything.

I don’t see how a quitclaim deed would be any quicker or easier than a warranty deed, as far as speed to prepare the document. The difference is in obtaining the title and lien search and the insurance.