General Archives - Page 36 of 36

March 5, 2019April 25, 2024

What Is a Quiet Title Action?

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.

Prevailing 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.

When to File a Quiet Title Action

Whenever 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.

February 19, 2019April 25, 2024

Adding Someone to Your Real Estate Deed? Know the Risks.

Image of a house. Captioned: Adding Someone to Your Deed? Know the Risks

It’s your home. You might wish to add another person—perhaps an intimate friend or a family member. Doing this is a relatively simple action. And you have the right to do it.

Still, be sure to consider the unintended consequences. However well-intended your desire to bring a loved one onto your real estate deed, the conveyance is fraught with risks and potential frustrations. Be aware that:

A deed that conveys an interest in your real estate ownership (“adds someone on”) has the legal effect of giving that additional person the same bundle of rights to which you are entitled.
Once the conveyance happens, it cannot be undone except with that other additional owner’s consent.

Consider the following aspects carefully.

December 12, 2014April 25, 2024

Why Disclaim an Interest in Real Estate?

Depending on the circumstances, inheriting real estate can be a blessing or a curse. If the beneficiary is considering how to handle an inherited house or other property, it’s worth including a disclaimer among the possible options.

December 16, 2013April 25, 2024

Charitable Donations of Real Estate

A charitable bequest involves giving part or all of a deceased person’s assets to one or more designated charities, by using specific instructions in a will. Technically, bequests relate to personal property and devises relate to real property, but “bequest” is often used as an umbrella term for both. Many people donate money and other valuables to charity over the course of their lives. Others consider charitable contributions, but never find the right time to give. Regardless of a person’s lifetime philanthropic history, the decision to include donations of land, buildings, and/or easements as part of an overall estate plan offers a viable way to leave a legacy.

November 25, 2013April 25, 2024

Removing a Minor from a Real Estate Title

Sharing title to real estate with a minor, while generally lawful, can lead to legal complications. Each state defines the basic rules for conveying ownership of real property in its statues, but those rules apply to dealings between adults. When minors are involved, the situation becomes more complex.

March 29, 2013April 25, 2024

Zombie Titles and Foreclosures in Real Estate

The housing bust and foreclosure crisis in America has left many homeowners facing some serious financial and housing issues, but it has also introduced another scary situation for homeowners who have defaulted on their mortgages: Zombie Titles. It might sound playful, but it is a serious situation that brings about hefty legal and financial consequences for delinquent homeowners. Further, vacant property is subject to vandalism and degradation, which can affect an entire neighborhood.