Real Estate Transactions Archives

March 25, 2024April 25, 2024

Now It’s the Deepfakes. Protect Deeds and Accounts From AI-Generated Imposters

Real estate transactions involve large money transfers. Creative swindlers love those. And now, progress in artificial intelligence (AI) brings new opportunities for real estate fraud.

Shady actors are using real people’s voice or image samples to create recordings and persuade buyers and sellers to respond to questions with key information. Then the scammers hijack the target’s accounts. That’s right. A new breed of AI-powered wire fraud can manipulate familiar voices and grab online pictures to create whole recordings — just to get at people’s funds.

Remaining in the dark is not an option. To keep transactions safe, what do we need to know?

March 11, 2024April 25, 2024

Florida’s Highlands County Introduces New Ordinance for Real Estate Transactions with Roadway Verification Requirement

In a recent update from the Highlands County Board of County Commissioners, a new ordinance (No. 22-23-23) has been established that directly impacts real estate transactions within Highlands County, Florida. This article aims to provide an informative overview of this ordinance, its requirements, and its implications for property transfers in the area.

December 19, 2023April 25, 2024

Oregon HB 2029 and Its Impact on Real Estate Deeds

In a significant move to improve the legibility and accessibility of recorded documents, Oregon has passed House Bill 2029, which comes into effect on January 1, 2024. This bill amends Oregon Revised Statute 205.232, specifically raising the minimum font size for recorded documents from 8-point to 10-point type.

November 27, 2023April 25, 2024

Hawaii Land Court/Torrens Document Processing Update

The Hawaii Bureau of Conveyances (BOC) has announced significant changes to the processing of Land Court/Torrens documents, effective from November 27, 2023. This update comes in light of unexpected staffing challenges that have affected the bureau’s operational capabilities.

Extended Turn-Around Time for eRecording

The BOC has advised that due to these staffing issues, the processing time for Land Court/Torrens documents submitted electronically (eRecording) has been extended significantly. The new estimated turn-around time is now between 25 to 35 business days. Given this delay, the BOC recommends that only non-urgent documents should be submitted electronically at this time, as they are likely to be recorded in 2024.

October 26, 2023April 25, 2024

Navigating Oklahoma’s New Land Ownership Law: A Guide to Compliance

With the enactment of Senate Bill 212, Oklahoma tightens the reins on foreign land ownership, taking effect on November 1, 2023. This initiative comes in the wake of increased foreign-owned marijuana farming operations. The amended law now restricts indirect land ownership by foreign individuals unless engaged in regulated interstate commerce as per federal law.

A crucial compliance requirement is the submission of a specific affidavit with every deed filed, verifying adherence to the new law. The Oklahoma Attorney General’s office has delineated three affidavit forms catering to different entities – individuals, non-exempt businesses or trusts, and exempt businesses or trusts.

To abide by this law, follow these steps:

September 1, 2021April 25, 2024

Texans Welcome New Guidance for Quitclaim Deeds

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.

February 7, 2019April 25, 2024

The Quitclaim Deed’s Function in a Contract for Deed Sale

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.

Here, we look at how the contract for deed sale works, and briefly examine the function of the quitclaim deed.

December 5, 2018April 25, 2024

What is a Quitclaim Deed?

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.

October 14, 2013April 27, 2024

An Unrecorded Quitclaim Deed Can Still Be Valid

An unrecorded quitclaim deed is still valid. While there is no time limit on recording a deed or recording required for a quitclaim deed to be valid, record all deeds as soon after the transaction as possible. Failure to record a deed could render transfer or mortgaging of the property impossible and create numerous legal difficulties.

October 26, 2012April 27, 2024

Adding a Person to a Deed Using a Quitclaim Deed

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.