LandInvestors.com Forums **Ask A Question** Title check specifics

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  • #15618
    Charley Schelhouse
    Participant
    Post count: 12

    Do y’all only pull the last (vesting) deed?

    I’ve heard on the podcast that they try to verify chain of title for the past 30 years, but on the forum the general consensus seems to be that it’s all a risk management decision.
    So my question is I have a few deals that the owner bought from an online auction 15 years ago. I have pulled those warranty deeds and there are from 2002-03. I’m getting these deals for the back taxes and will make me 1-2000 each so there’s not a lot of risk.
    Would y’all go pull the rest of the deeds back to 30 years or just proceed with buying these since I have 15 years of warranty deeds?

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  • Jason L.
    Participant
    Post count: 42
    ProAdvanced

    Did the buyer apply for suite for quiet titlt? They might not be able to sell the land without it. I pull vesting deeds just in case. If nothing else it will give you the exact legal description that you can use. 15 years ago internet auction worries me.

    Charley Schelhouse
    Participant
    Post count: 12

    I don’t think he did. I thought applying for quiet title was an option, not a requirement? So I looked back through them and there is only 1 warranty deed, the rest are quitclaim deed. So i could move forward with the warranty deed property and get him to file quiet title on the rest?

    Luke Smith
    Moderator
    Post count: 1280
    ProAdvanced

    Why do you need quiet title on little $ properties? I bet the buyers don’t want to pay for title. The title companies might even tell you to skip title on those little deals. Quiet it if you got a buyer going to the bank for a loan to build a big fancy house or you think you are going to sell it for like 50K or more.

    The state auctioned them off a long time ago that cleaned them up. So long ago the IRS is probably not going to take them back either.

    Just sell them as they are and go get some more.

    If you are really really worried look into buying them all in a series LLC where each one is in its own series. Use corporate structure as your insurance. Its a lot faster cheaper and easier.

    Charley Schelhouse
    Participant
    Post count: 12

    That was my initial thought Luke, but being my first deal I over thought it and talked myself out of it for a second. You’re right though, the worst that could happen is I have to refund my buyer a few grand down the road if anybody every comes knocking.
    So since the last deed is a quit claim deed, should I buy them with a warranty deed and sell them with a special warranty deed?

    Joel S
    Participant
    Post count: 51
    Pro

    @luketsmith
    Check your gmail email or PMs on here. Thanks!

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