I'm thinking about buying and rehabilitating a condemned house that is being offered with a quitclaim deed. I can confirm that the seller is the most recent title holder via county records. From my observation of county records, it seems common for financial institutions and investors to shuffle such houses around using no-warranty deeds (sheriff, tax, quitclaim, etc.) but individuals usually do not and I know it is not recommended.
What reasonable measures should I take to protect my (low but important to me) investment? For instance:
- Refuse to purchase via quitclaim.
- Purchase a professional title search and/or title insurance.
- Stop worrying so much.