A cloud on title is any title defect that can prevent the legal transfer of the ownership of a property from a seller to a buyer. Common clouds on title are: Liens Clerical or filing errors Unknown heirs An incorrect official property descriptions Encroachments or easements Ownership disputes Fraud These clouds are usually discovered during …
There are 12 types of deeds in real estate transactions, but seven that are more common and will likely be used when you buy or sell a home. Knowing the ins and outs of each type of deed will let you know how well your ownership of the property is protected, not to mention avoid …
The 12 Types of Property Deeds and What They Mean Read More »
A special warranty deed is a type of general warranty deed used to transfer ownership from one owner (a person, group of people or entity) to a new owner when the seller cannot guarantee 100% ownership of the property they are selling. The biggest difference between a special warranty deed and a general warranty deed …
What is a Special Warranty Deed and What It Is Used For Read More »
If you’ve just received foreclosure papers, you may be wondering what happens next. Your first step should be to take a deep breath. Millions of people get these notices and the bank does not want to take your home. You also have rights while you’re in the foreclosure process to protect yourself from losing your …
How do you capture a buyer’s heart for top dollar and get to the closing table faster? By staging your home to sell! And staging your home doesn’t have to be a massive effort or incredibly expensive. Making small changes to your home like updating your lighting both inside and out allows you to raise …
What happens with your reverse mortgage after you die depends on if the person you want your house to go to is a co-borrower, a non-borrowing spouse, or an heir. Most of the time, a spouse will keep the home and get to stay in it, but that isn’t always the case. Let’s take a …
What Happens With a Reverse Mortgage After You Die? Read More »
While pre-approval and pre-qualification are both important when buying a home, there are slight differences that impact how smoothly your transaction will go. Both statuses also occur at different stages in the home buying and selling process. Pre-qualification is the first step in the homebuying process and pre-approval is the next. For both you will …
Pre-Approval vs Pre-Qualified: What’s the difference? Read More »
When you’re approaching the closing table and the title search is complete, you’re going to see the deed to the property you are buying or selling. This is when you’ll come across the terms Grantor and Grantee. Grantor and Grantee are legal terms for the people, companies or entities that are buying and selling a …
An appraisal contingency is a clause in a purchase contract that allows a home buyer to back out of the agreement without losing their earnest money deposit if the house is appraised for less than the purchase price. The appraisal contingency is commonly used by buyers in areas where prices are volatile like California to …
A “quiet title” is a name given to a legal proceeding that takes place in civil court when someone makes a claim about the rightful ownership of a property during a real estate transaction. A “quiet title action” is the evidence provided by the person defending their ownership. The questions about ownership can come from …
