"Marriage is an alliance entered into by a man who can't sleep with the window shut, and a woman who can't sleep with the window open."George Bernard Shaw
|
| |
Budapest: the New Prague for Real Estate Investors
When Hungary and the Czech Republic joined the European Union back in 2004 they set the standards for economic achievement that the rest of the new entrants could only dream of achieving. Both Hungary and the Czech Republic not only embraced their ...
Florida Real Estate Listings
This article provides useful, detailed information about Florida Real Estate Listings. If you are looking to move to Florida and don\'t know where to start, fret no more. All you need to do is to contact a Florida real estate agent, and it is ...
Real Estate Investment Clubs: From The Developer's Perspective
Copyright 2006 Chris Anderson Do you want a discount on every real estate investment that you make? Do you want to always get in on the inside track for preconstruction projects? Do you always want to get called first by the developer about their latest, ...
|
|
|
| |
Deeds are simply documents that transfer title from one person to another. There aare many different types of deed, but basicly they just transfer title.
Let's talk about a "quit claim deed".
A quit claim deed is a type of deed where a person (grantor) with an ownership interest in a property transfers that interest to another person (grantee). The grantor offers no guarantees about the title to the grantee recipient. Don't confuse a quit claim deed with the type of deed that is normally used to transfer title to real estate. That is most often a grant deed or a warranty deed. Those deeds transfer title with some guarantee that the title is legal and valid.
You sometimes hear a quite claim deed erroniously called a "quick claim deed".
A quit claim transfers only the rights of the person signing the deed. It does not guarantee that other people don't have an interest in the property. If there are other owners, their ownership is not affected by the quit claim.
You will find that a quit claim deed is most often used to clear up problems with a title or when someone wants to use a simple method to give up all interests in a property. Quitclaim deeds are sometimes used by a divorcing couple, where one spouse signs all his/her rights to their home over to the other.
It is not uncommon that when a property is being sold a title search finds that a mistake has been made in the past and a previous owner never relinquished his ownership in the property. That puts a "cloud" or "defect" on the title. The problem is solved by contacting the previous owner and asking him/her to sign a quit claim deed.
The title company is usally the one who makes the call when a quit claim deed is needed from a prior owner. Most transfers of property involve morrtgage loans. When there is a cloud on title the quict claim dded is necessary to insure the lender of a first lien position if the borrower does not make payments according to the note. The lender cannot enforce a trustee sale (non-judicial foreclosure) against someone whose name is not on the note, the that name is on title.
If that person will not sign the quict claim deed to release their itnerest in the property the sale probably will not close. At the very least the close will be delayed while other actions are taken to complete the sale.
About the author:
Mark Walters offers a free sample of a quit claim deed form at http://www.quitclaim@hereweb.com
|
|
|
|
|
|
|
