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Selling by quit claim? (Canada)

Posted by robotropolis (My Page) on
Fri, Nov 1, 13 at 11:10

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?


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RE: Selling by quit claim? (Canada)

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.


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RE: Selling by quit claim? (Canada)

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.


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