Are you looking to buy a home though a bargain and sale
deed? Perhaps you’re buying after a foreclosure, or from an estate or a
court-ordered sale. If so, the entity granting the deed to you might lack
knowledge of the property’s history. Basically, the deed means a buyer is
expected to accept the house as-is.
How does this differ from a quitclaim deed? What rights and
protections does the bargain and sale deed give you, the new owner?
Let’s take a look.
Continue reading “Bargain and Sale vs. Quitclaim Deeds: A Concise Guide”
Using a gift deed, you can transfer your home to a new owner.
The transfer of a gift deed occurs among friends and relatives, or between
donors and charities. The giver of the gift deed, formally known as a grantor
or donor, conveys the home to the recipient or donee while
the donor is alive.
The special hallmark of the gift deed is its transfer of real property between people with no consideration. Only use it if no money and nothing of value is given for the home. (Careful, though: to the IRS, a house sold for a dollar is still a gift.)
Here, we shine a spotlight on the gift deed from some
- We’ll zoom in on two places where many of our
clients and readers love to give: Arizona and Florida.
- We’ll discuss the tax implications of your gift
- We’ll outline the alternative ways you can give
your home away or transfer its inherent value to your loved ones.
So, if you’re feeling generous, read on!
Continue reading “House Gift: Transferring Your Arizona or Florida Home Through a Gift Deed”
The quitclaim is famous for being the simplest way to give
up an interest in real estate. Unlike a warranty deed, the quitclaim grants
whatever interest a person has to the other person, but offers no assurances that
the title is clear.
Once a quitclaim is signed and recorded, can the deed be
challenged in court? Yes, it can. Recording your deed only provides notice of
your ownership claim to the public. It does not guarantee ownership.
Because quitclaims make no guarantees about the property’s
title or condition, a court that hears a challenge to your deed will simply be
examining the quitclaim to find out if the transfer was legally correct. So, if
you received an interest through a quitclaim deed, you’ll want to be able to show
that the grantor properly conveyed the deed to you. In this article, we take a
look at why you might hold a quitclaim deed in the first place, and how to hold
onto your property if that deed is challenged.
Continue reading “Defending a Quitclaim Deed”
Some sellers offer the option of a seller-financed deal to
home shoppers. Seller financing can be very attractive when a hopeful buyer can’t
obtain a loan approval. After 2020, we could see an uptick in such situations, as
a good number of sellers and buyers try to restore their pandemic-battered finances
and seek alternative ways to borrow. Indeed, seller financing has long helped
make homebuying a more flexible prospect for self-employed people and others
who might not fit the profile preferred by loan underwriters. Bonus: no private
mortgage insurance (PMI).
Continue reading “The Seller-Financed Home Sale: Weighing the Risks and Rewards”
Many international buyers — often from Canada, China, Mexico, India or Great Britain — buy U.S. real property to offset the risk of their country’s currency devaluation, or simply to diversify their assets. If you’re a buyer from outside the United States, or a seller making an international sale, advance knowledge can help you navigate a few quirks in the process.
Continue reading “Foreign Nationals Buying U.S. Real Estate: How It Works & Latest Quirks”
Many home deeds belong to couples. When couples separate,
what happens to their deeds? And what can you do to protect your interests if
you’re a homeowner who could be headed for divorce? Here, we take a look at a
few of the biggest issues.
Continue reading “Deeds and Divorce”
For generations, real estate has been at the core of wealth
for people, families, and organizations. Today, a home is the most valuable
asset owned by most people in the U.S. middle class. It’s the largest
investment and a central retirement asset for most of the population.
Of course, a home should be a safe, comfortable space to enjoy
life. At the same time, buying a home in a popular area can help the buyer attain
a more comfortable financial life. Here, we explain how.
Continue reading “Buying a House to Save Money? It’s a Tried and True Method.”
”In these uncertain times…”
Difficulties arise in life, sometimes out of the blue.
Mortgage obligations that suited us just fine at first can become unmanageable when
circumstances swerve out of control. At that point, a homeowner might approach
the mortgage lender and ask for a few months of forbearance. Or perhaps it’s
possible to work out a repayment plan, or get a loan modification. Sometimes,
the homeowner’s financial stress is too serious for any of those options to
Consider that the homeowner must resolve two obligations on
the mortgage loan: the lien, and the promissory note, which is the promise of
repayment. If an owner cannot keep that promise, the lender is allowed to recover
and sell the house.
Continue reading “I Can’t Pay My Mortgage Any More. What’s Next?”
A deed, of course, is a legal document representing property
ownership. But you might be wondering if an owner can transfer a deed to another
person without a real estate lawyer. The answer is yes. Parties to a
transaction are always free to prepare their own deeds. If you do so, be sure
your deed measures up to your state’s legal regulations, to help avert any
legal challenge to the deed later.
Some deeds require more expertise than others. A quitclaim
deed, for example, is far simpler than a warranty deed. Let’s take a closer
Continue reading “Transferring a Deed Without a Lawyer? Here’s What You Should Know”
Walkable neighborhoods, green buildings, energy efficiency, low-carbon living… they’re all going mainstream now. Sustainable real estate is no longer a mere preference or buzzword. It has evolved into a basic need, addressing climate-related sea level rise and flooding in cities such as Washington D.C. We know the tide is turning when investors screen properties for sustainability.
What does this mean for individual homeowners? In increasing
numbers, we’re integrating our environmental concerns into our lives at home. Here,
we explore what today’s buyers and owners might want to know.
Continue reading “Sustainability: A Brief Guide to Green Homes”