LandInvestors.com Forums **Ask A Question** quit clam deed

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    Rowdy Baker
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    Post count: 12

    I bought three lots from the State of Arkansas in Holiday Island. We did our research – there is a POA fee but that is ok. Anyway we got the limited warranty deed from the state on each property then several weeks later I received a letter from Holiday Island suburban improvement district saying that they foreclosed on these properties in 2014 for delinquent assessments (the state took the land for back taxes in 2007) and in order to clear the title I will need to send them a cashier’s check in the amount of $1500.00 for each lot and they will have a quit claim deed prepared in my name. I call them to inquire about this and they told me that it was a very good deal and their lawyer would fix it up as soon as I sent them the money. There is not a lot of room in this deal. I was wanting to sell them for no more than $2000, so I started doing some research into the quit claim deed. It looks to me like all I would need to do is an Arkansas quit claim deed in Deed Perfect, both parties sign and notarize it, then I would file it with the county, without having to use a lawyer. Has anyone ever does this? Please give me some help on this one.
    Thanks

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  • Michael Aillon
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    Post count: 282
    Pro

    Rowdy,

    How much do you have in these properties? I’m not sure you would realize much profit that would be worth your time and effort. Also, If you have the deed, then they don’t. Right? If the state granted ownership to you, wasn’t it clear of encumbrances? Perhaps they may have a lien on the property, but a quit claim on something they don’t own doesn’t mean anything. If they do have a POA liens, get them to negotiate it to pennies on the dollar. You should convince them that you’re going to get these properties performing again and it is in their best interest to drop most (if not all) of the back fees. You might want to check with Jack on this one.

    Best of luck.

    Rowdy Baker
    Participant
    Post count: 12

    Thanks Michael I have $100.00 in each property. My thought exactly if I have a deed from the state how can there be another deed or right to it. They do not have a lien on it. POA is taken care of no back fees. I went back to the county and I am shown as owner and nothing else shows up.

    Sarah Pearson
    Participant
    Post count: 6
    Pro

    Rowdy,

    I assume these properties have sold by now but am curious to know how it ended up?

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