How fast can you sell house that is quick deeded?
Paul & Farah M asked:
If i quick claim deed an investment house to my son how fast can he resell it? We have a buyer and need to turn it fast so he can buy a house with the cash. There is no mortgage on the property and will sell for $30.000. Does he have to register the deed and wait or can he resell it with another quick claim deed? Also if it is a gift he should not have to show it as an income or should we make a loan contract with him to pay us back?
Ok here is how it works:
The type of deed your son gets from you is important as to what type of warranty he will be able to grant to the party who he will sell to or better yet what kind of warranty the buyer will require, a Quit claim deed merely grants any title you “may” have “if any” and it does not carry any warranties with it. In most cases a buyer and or lender will require that you provide them with a warranty deed which carries warranty protections against adverse claims on the property. If he gets a Quit Claim from you, you are off the hook but he now is faced with trying to guarantee a title. Usually to avoid being entangled in any potential legal claim against the property the buyer and or the seller get title insurance protecting them from adverse claims. Once your son receives the deed from you and the deed is recorded he has the right to convey the property to another.
As to the gift and tax issues you need to check here
IRS: Selling your Home Publication: and
IRS: Home Sale Exclusion rules, publication:,,id=105042,00.html
IRS: Estate and Gift Taxes:,,id=98968,00.html
IRS: Tax information when buying a home:
IRS: Deductible costs when purchasing real property:
IRS: 3.6 Itemized Deductions/Standard Deductions: 6. Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses):
As to creating an instrument from your son to you, you might want to create a real estate/land contract however if you’re son does not create the same thing when he sells to another then you will be paid off at closing when he sells even if the instrument is a note and mortgage instead of a real estate/land contract.
Buena Suerte