A Quitclaim? No problem. It’s Common Practice Here —
and Safeguarding Your Title Is Straightforward.
Three major Massachusetts real estate deeds are commonly
used: the quitclaim deed, the warranty deed, and the release deed. In contrast
to most other places, Massachusetts home buyers receive their property through quitclaim
deeds. So, we need to delve into the use of the quitclaim deed in
Continue reading “Buying Property with a Quitclaim Deed in Massachusetts”
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”
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”
A quitclaim deed
conveys—”quits”—a person’s interest in a property to someone else.
Quitclaims prove useful in certain transfers of properties among family members
or between divorcing spouses. The quitclaim allows separating partners to
follow a court’s direction and leave one party as sole owner of the marital
home. Quitclaims might seem convenient in other circumstances, but they are
rarely the best choice.
In contrast to
the warranty deed, a quitclaim deed offers no assurances of
clear title. In most jurisdictions a recorder of deeds must simply
record a quitclaim deed; it is not the recorder’s role to investigate the
circumstances of the conveyance.
Scammers may take advantage of the quitclaim’s
simplicity to siphon equity
from vulnerable people. After recording a quitclaim, a bad actor may sell
the property with no guarantees, rent it under false pretenses, or exploit its
underlying value as collateral.
Spot the Mortgage Relief Scam
Continue reading “Don’t Quit Your Claim! A Quitclaim Deed Is Not a Mortgage Saving or Estate Planning Tool”
gotten married, and already own a house in your own name. You want to share
everything with your spouse, including your real estate, so adding their name
to the title is part of being married, correct? Well … maybe. Much depends on
the terms of your mortgage, and whether your spouse has serious credit issues.
Before adding your spouse to the deed, speak with your attorney.
Continue reading “Adding Your Spouse to the Deed”
someone from a deed—is it possible? The short answer: No.
It is a
misconception that someone can be “removed” from the deed.
Nor can a
co-owner simply take away another party’s interest in a property by executing a
new deed without that other party.
In short, no
one can be passively removed from a title.
if an owner “added” someone else to the real estate deed previously, the
first owner cannot reconsider and take the second person off the deed.
Continue reading “Removing Someone from a Real Estate Deed”
deeds show up commonly in fraudulent real estate transactions. This type of
deed fraud can impact elderly people, buyers purchasing real estate from
strangers without warranty, renters who are paying someone who is not a
legitimate owner, and anyone involved who might buy, sell, or own property.
examine how it happens and how to detect it.
Continue reading “The Quitclaim Deed and Fraudulent Real Estate Transactions”
A contract for deed sale can
present a convenient alternative to the traditional real estate
conveyance. In this owner-financed deal, the buyer
usually lives on the property upon the execution of the contract.
While enjoying the property, the buyer pays for it in monthly
installments, until the agreed-upon price has been paid in full.
Down the road, when full payment is complete, the purchaser formally acquires the title deed. This event occurs through a warranty deed, which guarantees that the seller is the sole party with any claim on the property to be conveyed – no exceptions, unless stated on the deed.
If things don’t go as planned, and the buyer defaults, recovery of the property can be a time-consuming process. Defaults happen, so a seller should consider having the buyer sign a quitclaim deed as part of the execution of the contract. A quitclaim is a non-warranty deed. It conveys property with no warranty for the title. Through this document, if it becomes needed, the buyer will relinquish any claim on the property.
look at how the contract for deed sale works, and briefly examine the function
of the quitclaim deed.
Continue reading “The Quitclaim Deed’s Function in a Contract for Deed Sale”
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.
Continue reading “What is a Quit Claim Deed?”
Quit claim deeds convey the current owner’s rights in real property, if any, to new owners. The transfer may or may not include consideration (something of value, usually money). They are generally used to clear clouded titles, to settle boundary disputes between neighbors, or to make gifts of real property, and include no warranties of title for the new owners.
Continue reading “Quit Claim Deeds after Divorce or Dissolution”