chp 7 and foreclosure

[tobee43]

i would check with your atty...it would be best if they issued you a warranty deed as opposed to a quick claim deed....also ask for a release of all liability when signing it...if you chose to...however, contact your atty as to which legal instrument best suits your situation.

[tobee43]

also....here's the difference in the legal instruments...that's why your atty should advise you what is "best" for your situation.

"A warranty deed is a pretty basic deed that, for the most part, states the seller owns the property and there are no liens (debts, etc) against the property that will be transferred over. It is stating that the property is legally owned and there are no hidden tie-ins the buyer should be aware of. This deed ensures buyers that the property they are buying is actually owned by the person they are dealing with and they won't be met with any surprises later on. Furthermore, if another person were to try to claim the property down the line, the warranty deed would legally protect the new buyer and the buyer would be entitled to compensation from the original seller. The warranty deed is used in the majority of property sales.

On the other hand, quit claim deeds are presented to these buyers instead by a person who does not necessarily legally own the property, but instead holds responsibility for that property. Such instances where this can occur are upon a death when the property is transferred as inheritance, or when spouses are both on the name of the deed and a divorce is occurring. Quit claim deeds, unlike warranty deeds, do not offer a great deal of protection to the buyers of the property. In truth, they should be avoided unless you know exactly what you are doing and have experience in buying and selling property."