Expert: Dick Dennis - 1/31/2009

Question
Hi and thank you for your time.  My contract for a house that I am buying has a Quit claim deed in it for us to sing over and send in with the deposit and signed contract . this Deed is said to be held in cause we default on the payments later. Is this practiced or unheard of? and what type of suggestion could I make that would better protect us the buyer with this real estate company who has already approved for the property. I appreciate any advice you have.

Answer
You must have absolutely terrible credit, Keeva. That and your absolute craving that you MUST have that property tells the seller he has a prize on the line. The better suggestion to protect you is to get up and walk away and forget about that property. However, if you are offering to make an exchange, then you give a quit-claim deed to the escrow company UNSIGNED. When the transaction is complete, the escrow company or title company that is handling the purchase/sale/trade will have you sign the quit-claim deed at the same time the house you want is signed over to you. Do not do it any other way. I wish you well.  

Dick Dennis
dixiedee13@aol.com