this is my first posting. i am so cal. i am intrested in purchasing residential land to develop 10 to 15 homes. need some leads on some good realtor.
thanks
:-o null
You are right to want the best possible deed that the Seller can deliver. A QCD offers little protection... a Waranty Deed offers much more protection...
Have an attorney draft a deed, and review chain of title.
Quote:
On 2005-02-03 17:06, TheShortSalePro wrote:
You are right to want the best possible deed that the Seller can deliver. A QCD offers little protection... a Waranty Deed offers much more protection...
Have an attorney draft a deed, and review chain of title.
Just a question -
How does a Warranty Deed offer more protection? Who does it protect and how?
Warranty deeds "warrant" ownership. Quit Claim Deeds only say "yeah I own this and these are my property lines"--no protection. I was also told a bank will not finance a property with only a quit claim deed. Better ask your lawyer.
Quit Claim deeds are only saying, "If I have ownerships rights, I transfer them to you". Like stated earlier, I could give you a quit claim deed ot the washington monument. They are usually used to clear up quetions on a title. Here in Ohio, they are used frequently by wives to release thier dower rights.
A tricky legal question on the similar issue: if one has a 50% quit claim of a property with the other person still owing some mortgage on the whole thing... what are the rights/claims of the receiver of the 50% QCD? Also is it possible to refi only based on the the 50% rights for the excess of appraisal and current loan value (or at least half of the excess)?
There may be differences in the states about that last answer. I know that in many states the person owning a 50% (or other less than 100% interest) CAN grant a mortgage on that estate. The lender only can foreclose the estate that the mortgagor owned. In either event, the PRIOR mortgage on the entire interest can foreclose against and eliminate the later 50% tenant in common grantee.
You are right to want the best possible deed that the Seller can deliver. A QCD offers little protection... a Waranty Deed offers much more protection...
Have an attorney draft a deed, and review chain of title.
Quote:
On 2005-02-03 17:06, TheShortSalePro wrote:
You are right to want the best possible deed that the Seller can deliver. A QCD offers little protection... a Waranty Deed offers much more protection...
Have an attorney draft a deed, and review chain of title.
Just a question -
How does a Warranty Deed offer more protection? Who does it protect and how?
Thanks!
[addsig]
Warranty deeds "warrant" ownership. Quit Claim Deeds only say "yeah I own this and these are my property lines"--no protection. I was also told a bank will not finance a property with only a quit claim deed. Better ask your lawyer.
Thanks for your responses, I was wondering why everyone just accepted a QCD as a standard.
Quit Claim deeds are only saying, "If I have ownerships rights, I transfer them to you". Like stated earlier, I could give you a quit claim deed ot the washington monument. They are usually used to clear up quetions on a title. Here in Ohio, they are used frequently by wives to release thier dower rights.
A tricky legal question on the similar issue: if one has a 50% quit claim of a property with the other person still owing some mortgage on the whole thing... what are the rights/claims of the receiver of the 50% QCD? Also is it possible to refi only based on the the 50% rights for the excess of appraisal and current loan value (or at least half of the excess)?
There may be differences in the states about that last answer. I know that in many states the person owning a 50% (or other less than 100% interest) CAN grant a mortgage on that estate. The lender only can foreclose the estate that the mortgagor owned. In either event, the PRIOR mortgage on the entire interest can foreclose against and eliminate the later 50% tenant in common grantee.