Adverse Possession Also Clarified
Congrats to Texas, where the government just gave a boost to
the quitclaim deed! People who receive their homes through recorded quitclaim
deeds will now be on firmer ground in the Lone Star State. Here’s what you need
Strengthening the Chain of Title for Texas Property
In May, a bill was signed into law to amend Chapter 13 of the
Texas Property Code, to take effect on Sep. 1, 2021. From now on, using a
quitclaim deed to transfer title from one owner to the next will be easier. Title
companies will be able to consider buyers who accepted and recorded quitclaims as
bona fide purchasers after four years. Texas formally set a four-year
statute of limitations for competing claims.
Once a quitclaim deed is recorded in the property’s county,
a later purchaser or lender has good-faith protection, as long as the party has
no knowledge of other unrecorded claims on the property. What does this mean
for buyers of real estate with a quitclaim in the chain of title? The buyer can
legally claim good faith purchaser status.
Continue reading “Texans Welcome New Guidance for Quitclaim Deeds”
When is a quitclaim a good way to transfer a whole or
partial interest in a home? In a simple transaction among familiar parties. Especially
where no money changes hands. No wonder quitclaim deeds are often used between
Here, we take a look at a variety of ways quitclaims can convey
property between partners in marriage.
Continue reading “Marriage and the Quitclaim Deed”
Usually, the quitclaim deed overrides the instructions
in a will. But the devil is in the details.
At age 60, Letitia bought her Sacramento home, as a sole
owner. Twenty years later, aged 80, Letitia went into a care home. Letitia subsequently
signed a quitclaim deed and gave the home to Jackson, the only one of
her three children who was not already a homeowner. Thanks to the modern
convenience of remote
online notarization, this was simple for Letitia to do.
homeowners use quitclaim deeds when the parties know the home’s history and do
not expect a title search. See more at: Transferring
a Deed Without a Lawyer? Here’s What You Should Know.
At age 84, Letitia passed away, survived by the three
children: Jae, Jasper, and Jackson.
Letitia left a will that appears to give 50% of the home’s
value to Jackson, with the other half divided equally between the other two
siblings. But Jackson is unwilling to give up any interest the home.
Continue reading “Will Versus Quitclaim: When There’s a Conflict, Who Owns the House?”
Are you considering using a quitclaim deed? It’s a
fast, simple, and reasonable way to transfer home ownership. It’s a good choice
in certain situations. What are those certain situations?
In contrast to warranty deeds, which are most often used in
regular home sales, a quitclaim would more likely be used:
family members. In this case, when the parties know the history of the
property and no title insurance policy is issued, quitclaiming can be done either
with or without expert help.
a divorce. A decree stating that one ex-spouse will keep the home doesn’t
actually transfer a home. Yet transferring ownership to an ex is easily done by
clear up confusion about ownership, including name changes. Quitclaiming to
clarify ownership can be achieved without expert help, but it’s often requested
by a title insurer.
a sale of a bank-owned house. If it will be the buyer’s responsibility to
make the title good, a quitclaim can be used in an REO auction.
place a home into an LLC. Some investor owners decide to transfer
properties into an LLC. A quitclaim deed is one way to do this.
Quitclaiming is a simple, because it can transfer ownership
of real estate without the need to examine current ownership or the chain of
title. Historically, the quitclaim has long been the go-to method of
transferring property while avoiding bureaucracy.
In that spirit, without further ado, here’s more on five top
reasons homeowners decide to use quitclaim deeds.
Continue reading “Using a Quitclaim Deed: Top 5 Reasons”
Quitclaims are sometimes used to transfer property interests
from one family member to another, or between divorcing
spouses. Parents might wonder if they should use quitclaims to pass
property to children to avoid the probate process. It’s easy enough to do. The homeowner
signs the document with a notary, takes it to the county recorder of deeds, and
has it recorded. Simple. No wonder adding
someone to a deed or relinquishing rights through a quitclaim is
often (mistakenly) called a “quick claim” deed. But what does the Internal
Revenue Service think?
Continue reading “Is a Quitclaim Deed Subject to Tax?”
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”