When you sign over your property to someone else using a quit claim deed, you're only transferring ownership - you're still responsible for the mortgage. Even if the person who you're naming on the quit claim deed promises to make payments on your mortgage, there's a risk he or she won't. And since your name is still on the mortgage, you're still ultimately responsible for making payments. Read more about how quit claiming your home to a stranger who promises to make mortgage payments may be a scam.
A home owner asks about canceling an easement that he has on his neighbor's property. The easement may be for utilities and will be affected when the neighbor builds a pool. Both parties must agree to cancel an easement.
An investor asks about buying a real estate investment. The investor has calculated the return on investment for the real estate investment properties he's considering. But has he considered other real estate investment issues such as tenant demands and property maintenance? Taking those costs into account may change the investor's mind about buying a real estate investment.
Who legally owns a home on the day of closing? The party who possesses the home on the day of closing varies depending on where you live. If a seller stays in a home beyond the day of closing, the buyer should charge the seller substantial rent to assure the buyer that the seller will move out in a timely manner. It's important to be clear on possession at closing.
Managing real estate from out of state can be difficult. You may be able to get a family member to agree to take over mortgage payments on a property that you own but your name remains on the mortgage loan unless that loan gets refinanced. A quit claim deed transfers property ownership rights but does not change who's responsible for the mortgage. You should first try to work out a situation like this with family members and if it doesn't work out you may have to hire an attorney.
A restaurant building owner asks about avoiding capital gains tax when using a 1031 exchange. You can minimize taxes depending on how your 1031 exchange is structured. Is a 1031 tax exchange right for you?
After a home sale falls through, a buyer asks about getting earnest money back from a real estate agency. The real estate agency cashed the earnest money check. What can the buyer do to get her earnest money back?
Lenders want to see buyers put down their own down payment, otherwise it could be seen as mortgage fraud. There are legitimate ways for a seller to assist a buyer in the purchase of a home and avoid possible fraud. Some loan programs will allow a seller to contribute 3 percent or even 5 percent of closing costs that might be paid by a buyer.
A buyer asks about a condominium sale. She purchased the condominium because the living room had a partition in it. Before the condominium sale is finalized, the condo board wants the seller to remove the partition. The buyer no longer wants to go through with the condominium sale. The changes to the unit may have violated zoning laws or homeowners association regulations. What are her rights?
When you sign a quit claim deed you're giving up your ownership rights to that property. If the person who has the remaining ownership rights dies, his or her heirs will inherit the property. Former spouses who sign quit claim deeds give up all rights to those properties. Learn about some possible inheritance scenarios after quit claim deed has been signed.