15 May You have started a successful business and are now ready to buy some property as your storefront location.
You have started a successful business and are now ready to buy some property as your storefront location. You find one piece of property on a prime corner lot downtown. The owner of that property is willing to sell it to you with a quitclaim deed. The property has been in his family for multiple generations and he is not sure if any cousins have a legitimate claim to the property. You find another piece of property of similar size that is in a slightly less ideal location, but the owner is willing to sell it to you with a warranty deed. Based on your knowledge of the types of deeds, briefly discuss the risks involved in buying each property, which one might cost you more, and who has the burden of cost if a claim comes against the title of the property after the purchase.
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