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”