Deeds.com

April 16, 2021December 12, 2023

Will Versus Quitclaim: When There’s a Conflict, Who Owns the House?

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.

Some 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.

April 14, 2021April 14, 2021

Notaries Go Remote: A Digital Shift Is Changing Notary Language

Next time you use a notary, your certification might look a little different. Notary statements on documents have changed over the last year, amidst a rush to adopt digital notarizations. Today’s notarial certificates often explain whether the notarization was done in a physical meeting or online, and where the parties were when the document was executed.

April 12, 2021April 14, 2021

How a Sudden Disaster Impacts Your Mortgage Loan

As co-insured parties, you and your mortgage lender both have a stake in the value and condition of your home.

Your stake in your property value is obvious. But the lender also has a vested interest. Your home’s value is the collateral for the loan. So, catastrophic damage raises serious questions about the status of a mortgage (or a deed of trust). If an unexpected calamity damages a home, here’s what buyers and owners should know about the interplay between the insurer and the mortgage company.

April 9, 2021April 9, 2021

Selling a Probate Property in 6 Steps: Practical Tips for Beneficiaries

Image of the inside of a house, the room and décor is very dated. Captioned: Selling a probate Property

Selling a probate property is a study in patience. It’s important to let probate run its proper course.

The goal of this court-supervised process is to pay the estate’s debts, and to make sure the deceased person’s chosen beneficiaries receive the value they’ve been promised through the will. The conveyance of a home receives special scrutiny, as it’s typically one of the largest assets a person leaves behind.

Under the court’s watch, the executor or administrator must first be officially approved. This executor must take an inventory of the estate and correctly identify — and notify — potential creditors and beneficiaries. Anyone who rejects their potential claim to the estate must sign a disclaimer of interest.

There’s a good reason for every step in the process, and for taking each step according to the probate court’s rules. Following all the legal requirements supports the integrity of the home title. So, if you are an executor or a beneficiary who expects to sell real property from an estate, here are the steps to take, and tips to help you prepare.

April 7, 2021April 7, 2021

You Can Buy a Tesla with Bitcoin. How About a House?

Tesla will accept your Bitcoin when you buy your new self-driving car. Taking note, Realtor.com looked around — and yes, there are home sellers accepting cryptocurrency, too. Most of the homes that can be purchased with Bitcoin are in Florida, New York and California. But a few are popping up in the heartland.

Exchanging a home for Bitcoin could reward a seller in the long run, if the coin continues its phenomenal rise. For the buyer, it’s an adventure. And it’s a chance to transform digital assets into real estate. Bitcoin is becoming serious money, now that PayPal and other big-name payment channels are making it easy to spend. And for international buyers, digital coins have a universal status.

In the end, even if a buyer doesn’t pay for the house in Bitcoin, advertising that a home can be bought for Bitcoin is a great marketing strategy. These stories are still novelties, and they get picked up by multiple media outlets.

April 5, 2021April 7, 2021

Mortgage Approvals: The New Landscape for Post-Pandemic Home Buyers

It’s now obvious: the mortgage lending industry is forever changed. Here’s what happened — and what’s likely to come next.

The Year of Minimum-Risk Lending

Image of a person signing documents. Captioned: Mortgage Approvals: The New Landscape for Post-Pandemic Home Buyers

Back in April 2020, we noted that mortgage lenders were getting tougher on loan applicants. Perversely, the borrowers who stood to benefit most from the low interest rates that led to a refinancing boom were the ones who faced the highest barriers to access. Lenders scrutinized any changes in applicants’ work lives, income and credit profiles, looking for signs of instability.

Banks are traditionally uncomfortable with non-salaried applicants and volatile income streams. Without a continual stream of W2 wage income, applicants are often considered too risky. Some mortgage companies simply stopped working with applicants outside the Qualified Mortgage (QM) category in 2020. Even the companies that had, pre-pandemic, used their professional discretion to help viable borrowers. Even the ones that specialized in out-of-the-box loans.

April 3, 2021April 2, 2021

Types, Titles & Taxes: What to Know Before You Buy a Mobile Home

Mobile homes are popular choices throughout the United States. They’re popular in Pennsylvania, big news in Florida, and in high demand across the southern, western, and midwestern regions of the country. They’ll likely do very well in the months ahead. In a pricey market, mobile home ownership (property tax included) is relatively inexpensive. Buying a mobile home can be a path to ownership for hopeful buyers recovering from pandemic-related challenges.

So, where do you start shopping for a mobile home? What type of land arrangement should you choose? What do you need to know about your home’s title, financing options, and taxes? Let’s explore the world of mobile home buying and set out a plan.

March 31, 2021March 31, 2021

Buying a Fixer-Upper: What Are the Best Financing Options?

So, you’ve found a diamond in the rough. After major renovations, it will be the perfect home for you. What kind of financing will you need to make it happen?

There are several ways to go here. Let’s check out the various rehab loans that can enable you to create and customize your future home, or upgrade the home you have now.

March 29, 2021March 29, 2021

For Home Sellers: Capital Gains Tax 101

Image of a nice country house during a sunrise. Captioned: Home Sellers Capital Gains Tax 101

Many people sell their homes for more than they cost in the first place. If you are in this fortunate situation, and your home has appreciated in value, you could be required to pay capital gain taxes — not on the whole sale, but on the profit your home has earned for you over time.

☛ Homes are investments, offering an important path to financial independence. Read more about the appreciation of a home’s value on Deeds.com.

Now, the good news for many homeowners. The IRS allows the seller to exclude a significant amount of a home sale profit from capital gains tax. (Whew!)

This article offers general information on home sales and taxes for the homeowner who is planning to sell. Note that your state may regard some or all of your capital gains as taxable income. In this article, we focus on federal law and policy.

March 26, 2021March 25, 2021

Solving Title Problems for a Home with a Previous Foreclosure

A foreclosure usually means a previous owner fell into default on the mortgage. When there’s an unpaid mortgage debt, the lender can put a lien on the property, and ultimately claim the property itself. Foreclosures can also happen due to a neglected tax lien, or some other kind of lien.

But there’s just one question we’re going to explore here. If you decide to purchase a foreclosed home, what problems could arise later? Let’s dive right in and look one of the stickiest situations: a legal challenge from the former owner.