Expert: Dick Dennis - 7/15/2007

Question
QUESTION: my mother quit claimed her house over to me.then we filed it with the recorders office. can i take out a loan for repairs or do i have to do a fee simple deed first to get title insurance?

ANSWER: When you apply for a loan, Dee, they, the lender, will require (and charge you) title insurance. Simple as all that. I do wish you well.

Dick Dennis

---------- FOLLOW-UP ----------

QUESTION: so why do people file fee simple deeds?

Answer
Dee, fee simple means absolute title to a property. To change your quit-claim deed, you would change it to a warranty deed by signing the deed to yourself. But when you get the loan, the lender will see that you DO have title to the property. I am not aware of a "fee simple deed." What you are probably referring to is the warranty deed, grant deed in some states. A definiton of a warranty deed and a quit-claim deed is warranted right here: A warranty deed from one person to another absolutely assures the second party that he actually owned the property and "warrantees" that the second party is getting the first party's complete interest, a fee-simple interest, and HE DOES have that interest. A quit-claim title warrants NOTHING. I can give you a quit-claim to the Empire State Building, or the Golden Gate Bridge. But how much is it worth? Would you like a quit-claim title to Chicago's Sears Tower? I am giving them away at discount today. I do wish you well.

Dick Dennis