A power of
attorney enables an agent (also called the attorney-in-fact)
to conduct transactions on another person’s behalf.
document often appears in the world of real estate transactions. A person
(called the principal)
might require a stand-in to sign financial documents, on account of
absence or disability. A limited
power of attorney can enable the agent to carry out any and all
real estate transactions or even give an agent specific authority to sell one
home (“for the sale of 123 Smith Avenue only”), and for a specified
Continue reading “Conveying Real Estate Through a Power of Attorney”
Congratulations! Paying off a mortgage is an impressive milestone.
Now that you have paid off all the debt on your property, your home state’s law will direct your lender to take certain actions.
The lender will send you a certificate of satisfaction. This certificate, which the lender records in your home county, notifies the public that you have satisfied your obligation, and the lender has removed the lien from your property.
A few details of this process depend on what state your property is in, and whether your debt was secured through a deed of trust.
Continue reading “You’ve Paid Off the Mortgage. What Happens Now?”
and the District of Columbia impose a deed
transfer tax when real property changes hands. This sales tax
is based on the value of a given property. It applies to a transfer of full ownership
from seller to buyer. It is also applied to any percentage of the property that
is conveyed short of the entire property. Thus, if one co-owner relinquishes
joint ownership in the entire property, the tax is calculated on half of the
Continue reading “Real Estate Transfer Taxes”
For a valid
real estate deed conveyance, two key actions must occur:
- The giver (called the grantor) must deliver it the recipient (called the grantee).
- The grantee must accept it.
Recipient May Refuse to Accept a Deed.
are not always right for taking on new ownership and new responsibilities.
Moreover, not every piece of real property is desirable. Even with a
significant estimated value, it might have hidden liabilities.
gift of a deed can, and sometimes should, be turned
This can get
difficult if the grantor has the conveyance recorded with the
county anyway, without the grantee’s knowledge. The grantee will then
be obliged to file a court petition to void the conveyance.
Continue reading “Refusing to Accept a Deed”
A quiet title action is a special legal proceeding to determine rightful, legal property ownership. It is often a preventative or “friendly” lawsuit to ensure that no other parties have conflicting claims to a title, or to resolve an ambiguity. Depending on state law provisions, the plaintiff—that is, the party filing the complaint—may be the mortgage lender, a potential buyer, the legal title holder, or someone in actual possession of the property.
in a quiet title action enables the rightful owner to get title insurance, to
take a loan out on the property, and to convey the property free and clear of
any cloud on the title.
to File a Quiet Title Action
doubt or ambiguity arises as to ownership in a title search, the title company
will not issue a title insurance policy. This means the property lacks
marketable title. To obtain a mortgage loan, title insurance is necessary.
Continue reading “What Is a Quiet Title Action?”