Tag: property title
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Could the Deed to Your House Be Haunted by a Missing Heir?
Most people die intestate—that is, without leaving a willwhen they go. This typically leaves a probate court using public channels to find parties owed money by the deceased, as well as possible heirs. If no heir is found, then the state would take control of the deed, pay off all outstanding financial claims tied to…
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Pop Quiz: Will Your Final Mortgage Payoff Trigger a Defeasance Clause?
In some states, you take title at closing. In other areas, you aren’t the legal title holder before your final mortgage payment. It all depends on the mortgage law in your state. What’s the difference between the states? A defeasance clause. In some states, mortgage contracts have clauses that say the title will be transferred…
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Ready to Buy? A Title Search Belongs on Your Checklist
A title search is one of the key steps in protecting your ownership interest when you buy a home. It reviews the property’s recorded history to uncover issues that could affect the deed, the seller’s right to transfer the property, or your ability to sell the home later. In a typical purchase, the title search…
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Understanding Tenancy by the Entirety
Tenancy by the entirety is one way to vest a deed. It designates shared ownership of property. In the states that allow it, a tenancy by the entirety is a protective way for married couples to co-own a home. So, if you’re acquiring a deed as spouses or legal life partners, holding property as tenants…
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Which Is Better: Warranty of Title, or Title Insurance?
Great question! First, a warranty of title is stated in a warranty deed. And most any buyer in a regular home sale gets a warranty deed. So your question could also be posed as: “I’m getting a warranty deed. Do I still need an owner’s title insurance policy?” Let’s break this down.
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Getting Title Insurance at Closing: A Waste of Money? (Q&A for Home Buyers)
Your deed is a valuable document. It puts the title to a home in your hands. And, like most possessions, the title to your real estate can be insured. Does Every Home Have Title Insurance? No. But if you finance a home with a mortgage, the home becomes collateral for a lender. So, you must…
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Opinion: Who Really Wins? New York’s Deed Fraud Bill Protects Title Insurers, Not Homeowners
New York lawmakers have introduced Senate Bill 7732 as a response to the growing crisis of deed fraud — a real and rising threat to property owners across the country. On the surface, the bill looks like reform. But a closer look reveals what it really is: a convenient liability shield for title insurers.
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When Do You Need a Warranty Deed?
Sometimes it’s best to use a warranty deed to transfer property. It’s common whenever there’s a seller and buyer who didn’t know each other before their deal. In fact, a mortgage lender or insurance company could insist on a transfer by warranty deed. But why? A warranty deed transfers a title with certain protections. This…
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Should I Agree to Put My Partner/Fiancé on the House Deed?
Maybe you’re buying a new home. A home for you and your significant other to live in. Or maybe you already hold a deed, and are thinking of quitclaiming it from your name into both names: you, and your unmarried partner. Perhaps your partner is paying a percentage of the housing costs, and would like…
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Can a Quitclaim Deed Be Undone?
A quitclaim deed transfers real estate to a new owner. A properly completed and recorded quitclaim cannot be undone. Here’s why — and what to do next if there’s a problem with the transfer.
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What is a Special Warranty Deed?
If you’re like most people planning to make a real estate purchase, you want to know that the property you’re purchasing is actually owned by the seller, that it’s in reasonably good shape, and that the title is free of defects. Real estate transactions aren’t always as seamless or clean as buyers might like, though.…
