Tag: Warranty Deed
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Struggling With Your Mortgage Payments in a Harsh Economy? Not All Promises of Help Are Legit.
There are deep problems in the U.S. housing economy—including for deed holders. And today, for many households coping with inflation, oil price surges may be the last straw. This financial pressure will likely create many more targets for the grotesque business of promising mortgage relief in order to snatch equity from homes. You might have…
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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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Elements of a Deed: What Is Consideration?
Consideration is the legal term used to describe the money or other thing of value exchanged for the title to a home in a real estate sale. A legally valid contract must have mutual consideration. That is, something that has value must be exchanged by each party. The things exchanged can be a promise of…
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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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Game Plan: Negotiating the Best Price for the FSBO Home
The home you want is marketed as for sale by owner. But the price is not right. What’s the best way to buy the home for a better price? Many deed holders have an exaggerated idea of what their property is worth. And those who opt to sell their homes themselves can be especially likely…
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Q&A: Cash Offers and Quitclaim Deeds
Quitclaim deeds are typically used within families, between spouses or ex-spouses, or from individual owners into businesses. A quitclaim is a useful tool to transfer real estate when no payment’s expected. What we rarely talk about is a quitclaim combined with a cash transaction. There may be times, though, when a quitclaim and cash come…
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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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Using a Quitclaim Deed: What Are the Drawbacks?
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively…
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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…
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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.…
