Selling by quit claim? (Canada)

robo (z6a)November 1, 2013

This is just a curiosity question. We're looking to buy a cottage in Nova Scotia and one was just posted today with the caveat:

"Transfer is by Quite (sic) Claim. Being sold on an `As is/Where is` basis. All offers must be left open for 72 hours. All offers mush have a completed and signed `Shedule A` (sic). See documents for attached schedule."

I've seen this twice before on cottages. I'm not interested in this particular cottage but I was wondering what kind of circumstances would lead someone to post this kind of ad? Is it a bank foreclosure? A contested estate? What kind of buyer would go for it?

Thank you for reporting this comment. Undo
sylviatexas1

Although this may be a case of a seller who thinks that a quit claim is just a fast & maybe cheap way to divest oneself of real property, if I were interested in this house, I'd ask an attorney before I took one more step.

Here, quit claims are statements that say, "I don't claim to have any interest in this property, but if I do, I cede it."

They're typically used when a couple divorces & one of them cedes his/her interest to the other, or when someone dies & the children cede their interests to their surviving parent, etc.

They are primarily devices for preventing or clearing clouds on title.

They're *not* used to convey a property.

    Bookmark   November 1, 2013 at 3:06PM
Thank you for reporting this comment. Undo
robo (z6a)

Everything tells me to "flee" when I see a listing like this, which was posted on MLS using a realtor! The house is also wildly underpriced...so it just screams trouble any way you look at it. But it might be a good bargain for a bold buyer, I guess. Regardless it doesn't meet our needs but I was curious why anyone would ever post a house like this.

    Bookmark   November 3, 2013 at 8:46PM
Sign Up to comment
More Discussions
Why would nosey realtor say these things?
It is clear my house lacks a wow factor. I over de-cluttered...
belfastbound
Realtor company fee
Buyer agent told me there is $300 fee to realtor company....
net42k
Getting house ready to sell and have door knob question.
My house is going on 11 yrs old. Everything is pretty...
padillasideas
Lady Realtor coming to house at 6:30pm and its dark outside?
I was looking up homes for sale around me on trulia...
tlbean2004
Home sellers: Terrible experience with realtors?
Hi there, I'm getting ready to sell my house and need...
dollhausimaginations
© 2015 Houzz Inc. Houzz® The new way to design your home™