Real Estate Deeds Made Easy Since 1997
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 to know.
Continue reading “Texans Welcome New Guidance for Quitclaim Deeds”
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?”
There are various ways to transfer a real estate title, and among the simplest is a quitclaim 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 quitclaim 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 quitclaim deeds, but it does mean you should do your research.
Continue reading “What is a Quitclaim Deed?”
Provided by Matthew A. Quick, Esq., an attorney licensed in the state of Illinois.
Title insurance coverage is dictated by the terms of the policy issued by the title insurance company. In most, if not all, policies for title insurance there is a provision for “Continuation of Coverage” or “Continuation of Insurance.” Typically, this provision provides that the insurance will continue only so long as the insured holds an interest in the land or has liability by reason of warranties given in any transfer of the title.
Continue reading “Quitclaim Deeds and Continuation of Title Insurance”
One of the most common incorrect assumptions in real estate is that someone can be added to a deed. If one person owns a piece of real estate and wants to bring on another owner, this means that the current owner would give up their interest in the property to themselves and the other person. Both people would acquire their interest in the property at the same time in the chain of title. The chain of title in real estate has been established so that an interest in real estate cannot be valued by the amount of time an owner has been in possession of the real estate.
Continue reading “Adding a Person to a Deed Using a Quitclaim Deed”