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July 13, 2020July 13, 2020

Bargain and Sale vs. Quitclaim Deeds: A Concise Guide

Close up image of a dark red door on a house. Captioned: Bargain and Sale Deed vs. Quitclaim Deed

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.

July 10, 2020July 7, 2020

House Gift: Transferring Your Arizona or Florida Home Through a Gift Deed

Image of gift envelopes with a ribbon and a pencil. Article about real estate gift deeds specific to Arizona and Florida.

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 specific angles:

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 deed.
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!

July 8, 2020July 7, 2020

Defending a Quitclaim 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.

July 6, 2020July 6, 2020

The Seller-Financed Home Sale: Weighing the Risks and Rewards

Image of two people sitting at a table with paperwork and a computer discussing seller financed home sales.

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).

June 29, 2020June 29, 2020

Foreign Nationals Buying U.S. Real Estate: How It Works & Latest Quirks

Image of a globe sitting on a desk where foreign nationals discuss purchasing american real estate

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.

June 25, 2020June 23, 2020

Deeds and Divorce

Two people facing each other with a cat between them as they contemplate their divorce and real estate.

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.

June 22, 2020June 22, 2020

Buying a House to Save Money? It’s a Tried and True Method.

Woman sitting at a table in her house contemplating her decision to buy a house.

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.

June 19, 2020June 18, 2020

I Can’t Pay My Mortgage Any More. What’s Next?

”In these uncertain times…”

Person standing, looking out a window contemplating how they are unable to pay their mortgage.

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 apply.

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.

June 16, 2020June 18, 2020

Transferring a Deed Without a Lawyer? Here’s What You Should Know

Two people sitting at a table with a laptop discussing real estate deeds.

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 look.

June 8, 2020June 8, 2020

Sustainability: A Brief Guide to Green Homes

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.