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”