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December 5, 2018December 5, 2018

What is a Quit Claim Deed?

There are various ways to transfer a real estate title, and among the simplest is a quit claim deed. The person is literally quitting their claim to the property. Just because it’s the simplest method does not mean it’s the best, however, especially if you are the recipient of the property. That’s because the quit claim deed does not guarantee that the grantor – the person transferring the property – actually owns the real estate in question. The grantee, or person receiving the property, not only could end up with a worthless deed, but cannot sue the grantor if it turns out that individual did not own the property or owned only a percentage of the land or buildings. However, if fraud is involved, it is possible to sue the grantor on those grounds. That does not mean you should always avoid quit claim deeds, but it does mean you should do your research.

December 3, 2018November 29, 2018

Probate Creditors’ Rights Under Texas Law

Paying off the decedent’s debts is one of the primary duties of an estate’s executor or administrator. Failing to do this can lead to personal liability on the executor or administrator’s part. The estate’s creditors have rights under Texas probate law, but all are time-sensitive. If estate assets are limited, whether the creditor receives reimbursement depends on the nature of the debt.

November 16, 2018November 16, 2018

California Mechanic’s Lien Process

Most real estate owners will, at some point, use a contractor to build or improve upon their property. This is generally a straightforward process wherein the contractor arranges the project according to the terms of the contract, and sees it to completion. The satisfied owner then pays the bill. What happens when the contractor finishes the project, but the customer refuses to pay? That’s where the mechanic’s liens apply.

November 13, 2018November 13, 2018

Mortgages, Security Instruments, and Promissory Notes in Alabama

The short definition of a mortgage is that it’s a loan used to purchase real property. In Alabama, the mortgage is comprised of two parts: the security instrument and the promissory note. A security instrument is a specific type of document that provides security for the lender and contains terms (agreements) that apply until the buyer (borrower)repays the lender according to terms defined in an attached promissory note.

November 2, 2018November 2, 2018

Gift Deeds and Gifts of Real Property

A gift deed, or deed of gift, is a legal document voluntarily transferring title to real property from one party (the grantor or donor) to another (the grantee or donee), typically between family members or close friends. Gift deeds are also used to donate to a non-profit organization or charity. The deed serves as proof that the transfer is indeed a gift and without consideration (any conditions or form of compensation).