0
Deeds and Ownership
Ownership of real property is one of the most valuable legal rights. The method of documenting and transferring this ownership gives rise to the questions in this category.
5,025 Questions
What is the difference between a statutory warranty deed and special warranty deed?
A special warranty deed, on the other hand, limits the seller's promise -- or warranty -- to title problems that come up while the seller owned the property, but gives no warranty for propblems prior to that point. For example, builders often give special warranty deeds. They only owned the property long enough to build the homes. They aren't sticking their necks out to warranty buyers against something that happened to cloud title when the subdivision was still a pig farm. Foreclosure property is another example where you often see special warranty deeds. The bank, like the builder, has no close relationship to the property and won't bend over backwards to promise anything about the condition of title before they acquired the property through foreclosure.
These days, title insurance is the buyer's best friend. Title insurance insures the buyer against past ownership problems, old liens, boundary issues, and so on. There may be exceptions in the title insurance policy, and owners should know what their exceptions are. For example, without a survey, a title company won't insure against problems that a survey would have made known -- encroachmets, for example. That's an exception and they won't pay for problems that would have shown up with a survey. But unless there's a specific exception, any other past title problems are covered. When you're buying, talk to your attorney and make sure they take the time to explain what title insurance is and how it works. That attorney is your employee, after all, and you're paying them good money NOT to make decisions for you, but to help you understand. Always make them explain everything. Remember, other names for "attorney" are "counselor" and "advocate." And an attorney who doesn't manage to untangle the legaleeze and teach you about the biggest purchase you'll ever make in your life is lazy and probably a bad attorney.
How do you fill out a quit claim deed?
There are many samples online from different law firms.
Filling out a quitclaim Deed can be very simple, but you must always truly consider why it is that you wish to sign a quitclaim deed. When you Quit your claim to a deed, you are handing over a property with all of it liabilities, like debts for example to the person that you are signing it over to. If you give someone the ownership interest that you have in a your house, they then will control the debts, but they will also control the value or EQUITY that you might have in the house as well.
You can buy simple Quit-Claim Deed at most stationary stores, but you would be better off contacting a local escrow company, and ask them to assist you with the transaction. There will be a small fee, but they help you to make sure that everything is done correctly. Quit-Claim Deeds relinquish the right to further claim on the property from the grantor (seller) to the grantee (buyer). They do not give a warranty on any liens that may be against that property such as a mortgage or other encumbrance. Thus, they are not Warranty Deeds and are not the instrument of preference in a real estate transaction. They are often used for helping to clear title issues. If you plan to use one, you should have a professional teach you line by line how to fill it out because misuse of this instrument can cause title flaws and issues down the line when you try to sell or refinance the property.
You need good advice about your options when filling out any deed because they are always a transfer of some sort. In order to fill out a quit claim deed you will need information that is often readily available to you. You need the name(s) of the grantor, This is the person giving the deed. You will need the correct spelling, middle initial, and a determination of marital status. If the person is married, his or her spouse must also sign the deed. You will likely need the social security numbers of the grantor also. Transfer of real estate often triggers a taxable event so in most states there is a requirement that a form be completed that notifies the IRS (federal) that a transaction took place.
You will need the names of the grantees. These are the people who receive the property. You will need correct spelling and how the grantees will take title. You will need the description of the real estate. Usually a local address will NOT be acceptable. The actual legal description of the real estate will be on the deed or mortgage that you have for the real estate.
The grantors will need to sign the deed in the presence of a witness (in some states) and a notary public.
PLEASE seek professional help with this because it is part of the permanent record of the real estate. If you have the information as set forth above, you can possibly reduce the costs involved.
A deed is an important document that permanently transfers ownership of real property. Errors made by non-professionals can be extremely costly to correct if they can be corrected. You cannot "call back" a deed once it has been executed and delivered. If you don't know how a deed should be drafted then you should consult with an attorney who specializes in real estate law.
If you decide to do it yourself you can visit your local land records office to view examples of recorded deeds.
How do you divorce your husband and legally transfer your interest in the marital home to him?
Before the divorce? Not sure that you can if both names are on the deed/lease. Unless you can get a restraining order of some type. If your name is the only one on the deed or lease you would have to serve him an eviction notice.
You need to consult with an attorney who specializes in trusts, real estate and probate who can review the situation, review the related legal documents and explain the status of the property.
Who is entitled to the husband's pension the ex wife or new wife?
The answer to that question is both. Most states have held that retirement funds and pensions earned DURING the course of a marriage are equitable assets subject to distribution by the courts. Those pension benefits that accrue after the divorce is finalized are not available to the ex-spouse but rather would be those of the new wife. The main factor is looking what what was (and was not) earned during the course of the marriage.
Addendum:As relates to military pensions, this is somewhat complicated, as the pension is based on the highest rank attained, not as much time served or investment in a fund.Some courts have divided the pension between an ex and current wife by 50/50. Still others have divided it by the number of years each wife was married to the deceased. Still other courts have determined that the only spouse entitled to a military pension is the current spouse. It really depends on the state and the judge who decides.
What do you call A person who sells their house?
An estate agent is the person usually employed to sell a person's property. Usually with the aid of a solicitor employed by the seller/owner of the property.
Who owns the property with a warranty deed with lien covenant?
The grantee(s) in the most recently recorded deed (any type deed) is the new owner unless that deed conveyed less than a 100 percent interest. In that case, you would need to examine the land records to determine who all the present owners are.
How does undivided interest apply to joint ownership of real estate?
Undivided interest means that each owner has the right to the use and possession of the entire property and one owner cannot divide the property so as to own their half, for example, as a separate portion.
Does a warranty deed with vendors lien need to be signed?
It is a deed which conveys real property to a buyer with a warranty of title and a warranty of no encumbrances, but reserves a lien in favor of the seller (vendor); the lien exists until the full purchase price is paid off, so the seller (vendor) has the right to take the property back (foreclose) is he/she/it is not paid in full. See a real estate attorney for further information.
How do you transfer a house out of an irrevocable trust?
You need to review the terms set forth in the instrument that created the trust and find the provisions that give the trustee the power to transfer real property. In order to be able to convey the title to the real estate the trust instrument MUST give that power to the trustee.
If the power to convey real estate is not given in the trust instrument then the trustee cannot convey the property out of the trust. In that case you must bring the matter before a judge. The judge can issue a decision that will grant the trustee the power to sell the real estate.
Until the property is transferred out of the trust legally, title remains in the trust. If a trustee executes a deed and they don't have the power to sell real estate, their deed is invalid.
Your question implies that you may have transferred your property to a trust without the assistance of an attorney. Trust law is extremely complicated and errors made by non-professionals can be extremely costly to correct if they can be corrected.Trusts should always be drafted by an attorney and any transfers should be supervised by the attorney.
A quitclaim deed transfers whatever interest the maker of the deed may have in the particular parcel of land. By accepting such a deed the buyer assumes all the risks. A quitclaim deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.
A quitclaim deed can indicate the grantor's interest in a property is questionable or can be given to clear a title defect. However, it is also the form commonly used in many jurisdictions to transfer real property to an new owner. A comprehensive title examination performed by ba professional mitigates any risk by disclosing any outstanding encumbrances or title defects.
Can a person make up their own deed?
No, the deed to your property is a legal document that (in legal terminology) describes it and indicates who owns it. The information you supply only needs to be sufficient to meet the legal requirements of the land records of your jurisdiction.
A deed is NOT a will, and does not convey ownership to anyone other than the property owner(s).
Deeds should always be drafted by a professional.
What is the difference between sale agreement and agreement to sell?
A "sale" is (colloquially) a completed transaction where the only remaining duties of the buyer may be timely rejection after inspection, and the only remaining duty of seller is to honor any express or implied warranty. This assumes the full price was paid during the sale and the goods were delivered, otherwise, the sale is not technically complete.
An "agreement to sell" is a contract that envisions (or defines) a future sale, thus all conditions precedent and other terms (delivery, payment, etc), continue to be "executory", that is, are yet to be fully carried out. A breach of this contract could result in a court order of specific performance, or for damages caused by the loss of the opportunity to buy or sell.
- DIFFERENCE BETWEEN SALE AND AGREEMENT TO SELL
- Transfer of property (ownership): - In a 'sale' the property in goods passes to the buyer immediately at the time of making the contract In 'an agreement to sell' there is no transfer of property to the buyer at the time of the contract.
- Risk of loss. The general rule is that unless otherwise agreed, the risk of loss primarily passes with property (Sec. 26). Thus in case of sale, if the goods are destroyed the loss falls on the buyer even though the goods may never have come into his possession because the property in the goods has already passed to the buyer. On the other hand, in case of an agreement to sell where the ownership in the goods is yet to pass from the seller to the buyer, such loss has to be borne by the seller even though the goods are in the possession of the buyer.
Who signs a special warranty deed?
Deeds should be drafted by a professional. Errors made by non-professionals can be difficult to correct if they can be corrected. Errors are often not discovered until years later when the owner sells the property and the title is examined by the buyer's attorney. The owner then must pay the legal costs of having the problem corrected.
Deeds should be drafted by a professional. Errors made by non-professionals can be difficult to correct if they can be corrected. Errors are often not discovered until years later when the owner sells the property and the title is examined by the buyer's attorney. The owner then must pay the legal costs of having the problem corrected.
Deeds should be drafted by a professional. Errors made by non-professionals can be difficult to correct if they can be corrected. Errors are often not discovered until years later when the owner sells the property and the title is examined by the buyer's attorney. The owner then must pay the legal costs of having the problem corrected.
Deeds should be drafted by a professional. Errors made by non-professionals can be difficult to correct if they can be corrected. Errors are often not discovered until years later when the owner sells the property and the title is examined by the buyer's attorney. The owner then must pay the legal costs of having the problem corrected.
Can you do an Affidavit of Scrivener's Error for a deed in Kentucky?
A Scrivener's Affidavit cannot be used to make any substantial changes in a deed. For example, it can be used to correct or add the date, add, correct or delete a middle initial that was recited improperly in the deed or make any other such minor changes that will help to CLARIFY the recitations in the deed. A Scrivener's Affidavit cannot be used to change, add to or substantially modify the description of the property, add or delete a grantor or grantee, or add other information that affects the title to the property or its description. Scrivener's Affidavits are not necessarily found when the title to the property is examined because they would be indexed under the name of the scrivener and not the property owner. For that reason they should not be used to make substantial changes that affect the title. If a Scrivener's Affidavit attempts to add a parcel that was inadvertantly omitted in the initial deed, the affidavit does not meet the statutory requirements of a grant of real property. For substantial changes a corrective deed must be recorded in the chain of title.
Can my attorney in fact under my power of attorney sign a deed to my property with my permission?
Yes, if the power of attorney gives them the right to sign for property. Read carefully what you sign. If you have already signed one and now feel unsure, revoke it immediately. Consult an attorney quickly if they have already sold your property without your consent or knowledge.
How did property ownership contribute to accusations of witchcraft?
Property ownership was an integral part of accusations of witchcraft. In Salem, Massachusetts, 1692, (and other places in colonial New England) many accusations of witchcraft, especially by influential citizens, are now believed to have been rooted in a desire to obtain the land of the accused. The community would seize the property of a convicted witch although the legality of such seizure is questionable. A parallel between social status and conviction has been noted by many historians. Several holders of substantial plots of land were accused, convicted and sentenced to death. Their lands were sold or redistributed.
During the many widespread witch terrors in Europe brought on by the Church beginning in the late medieval period, hundreds of thousands of properties were confiscated by the Church, enriching its clergy and coffers. All the property of the accused witches was appropriated by the Church. This was one of the worst periods of terrorism in the history of the world.
In an unparalleled display of barbarity, most of that property was taken from innocent women who were brutally tortured into confessing their association with the devil. The Church set out on a frightening mission to portray women as the embodiment of evil, enemy of religion, in league with the devil, spiritually weak, morally corrupt and a threat to the well-being of men everywhere. A group of men of the Church travelled from country to country in search of victims. They were the accusers, the torturers, the judges and the men to whom the property was forfeited. The women died horrible deaths for crimes that never existed. The entire family of an accused witch was at risk of losing life and property so they had to assist in the persecution.
See links below for more reading on this subject.
Can 2 siblings sell property without the 3rd's consent?
No. You can only sell your own interest. The buyer would not acquire full title to the property unless all the owners signed the deed of conveyance. If only two sold their interests then the buyer would only acquire a two-thirds interest. If the third party doesn't want to sell you would need to petition the court to partition the property. If the court allowed the partition a commissioner would be appointed to try to divide the property. If dividing the property is not practical then the commissioner would be empowered to sell the property and the net proceeds would be equally distributed to the three tenants in common minus the legal costs of the partition.
How do you transfer the deed of a deceased parent in NJ to surviving children?
When a decedent owned real property their estate must be probated for title to pass to the heirs. Also, the court must appoint a representative of the estate. You should seek the advice of an attorney who specializes in probate law for the procedure in your particular jurisdiction.
In NJ, either the executor or the administrator will sign what we call an "executor's deed" where there is a will or an "administrator's deed" where the is no will. This is to formalize the transfer of the property. It is important to know that the beneficiaries or heirs technically own the property as of the date of death rather than the date of the deed. This deed is a formality only.
If you know you owe taxes you cannot convey your interest in property to avoid a tax lien. It would be quite easy for the IRS to obtain a judgment against you for transferring title to property in order to avoid a lien. It may then add those legal costs to the amount of the lien. You should seek the advice of an attorney before making any transfer to determine what the consequences might be and your options are. Perhaps the amount you owe could be negotiated to a lesser sum.
What is the difference between conveyance deed and sale deed?
The meaning of "sell" is to exchange something/anything for money or some other value. In the law of real property the word "convey" means to transfer the title to real property from one to another. A conveyance is the transfer of real property. == Additional Answer== In the law of real property there is a distinction between "sale" and "conveyance". A sale occurs immediately upon the signing of the seller and buyer of the contract of sale. Although the real property has now been sold, the conveyance does not take place until the closing , when the seller delivers the deed to the buyer. The term conveyance should not be intermixed with the term sale.
How do you remove a trust from a deed?
The trust document should have a provision by which the trustee can transfer the property. You must follow the provisions in the trust for transfer by the trustee. Generally, in order to remove real property from a trust the trustee must execute a deed that conveys the property to a new owner.
Where is the deed to your property?
Answer: Yes. The main function of a deed is to pass title to land. An exception would be a "deed of easement" which only conveys an easement right in land. However, if you want the world to know the land belongs to you the deed should be recorded to protect your rights.
If you own land that has a live creek does the property owner own the creek?
It depends on whether your land encompasses the stream or abuts it and how it was described in the deed description. If the stream is on your land in most jurisdictions in the US you cannot make any changes in the stream that would have any negative affect on the other land owners downstream. You cannot divert the water or block it in any way. Water rights are generally addressed by state laws. In the eastern part of the US those rights are referred to as riparian rights. In the Western part they are more commonly called usufructuary rights.
What are the chief legal rights accorded to an owner of real property?
A person who owns real property has the right to the use of, possession of. income from, and profits from the property. If a sole owner, they have the right to sell the property or leave it to someone in their will. If they die intestate the property will pass to their next of kin through a probate proceeding.
