My husband and I are contemplating trading our 2009 Harley Davidson for 4 acres of unused land. We haven't decided if we want to build on that land or put a double wide trailer on the land. The owner of the land has a mortgage on it and I understand that we might be able to have them contact their mortgage holder and subdivide their property to be able to sell/trade us the land we are looking for. Does anyone have any experience in this arena? I know that what we really want is a warranty deed on the property, but would a quit claim deed accompanied by a contract that states that if they default on their mortgage we could sue for a specified sum to reclaim the value of the Harley work as well? What if they didn't have the assets to cover the lawsuit in the event they defaulted? Would we have any recourse since a quit claim deed really doesn't have any assurances for the buyer of the property? Any advice would be helpful here. Thanks!
I have done a little research here and found that a warranty deed is the best way to go. If you can exchange the title of your vehicle for a warranty deed from the seller you are better protected. The quit claim deed only means that the seller no longer has an interest in the property, but their mortgage company might. So if the property forecloses, you can lose the property as well as your vehicle.
