Olen Crabtree's Blog

A quitclaim deed (sometimes referred to incorrectly as a quit claim deed or quick claim deed) is a legal document used to transfer a person’s interest in real estate to another person. It is generally a written document that transfers the title (ownership) of real property such as a home or piece of land.

A quitclaim deed offers no warranties or guarantees that the owner has good title or ownership, but simply conveys whatever interest exists when the deed is executed (transferred) and delivered. This type of real estate deed only transfers the interest that the grantor has at the time that the deed is executed. A quitclaim deed does not warrant or guarantee that the grantor has any interest in the property.

This type of real estate deed is commonly used during divorce as a way of transferring real estate title from one spouse to the other as ordered by the court or divorce settlement.

Transfers between well known persons such as family members can also be accomplished easily by using a quit claim deed. Many times this includes estate planning and other inter family real estate transfers.

The quit claim deed contains no warranties. For this reason it is not advisable to accept this type of deed when purchasing real estate from an unknown party. The quitclaim does not warrant or imply that the grantor is the owner or has any interest in the property being transferred. Because of this the grantee would have little or no recourse against the sell if the grantee was to accept this type of deed.

Title companies often require quit claim deeds to clear up what they consider to be a cloud on the title prior to issuing title insurance.

Lenders may require someone such as a spouse who is not going to be on a loan to complete and record a quitclaim deed prior to funding the loan in order to secure their position in the chain of title to the property.

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At this time of the year the emphasis seems to be on peace and good will toward men. We may give more of ourselves to others during this season, but it seems to me that peace is something that should come from within each of us separately and it is not just seasonal. We may dictate peace to ourselves, individually, but it can’t be dictated to others.

Someone may attempt to disrupt the flow and harmony that is around us, but how we let it approach us is still our choice…we can choose to be at peace.

As to bringing peace to others, what we can do is work at giving off good energy to those around us, so that it easier for them to find their inner peace. Sounds simple enough and maybe this is the season for getting in a little practice.

It is our hope that all have a happy holiday season and each of us maintains peace forever.

SENATE BILL SB458 DEFICIENCY JUDGEMENTS – WHAT YOU NEED TO KNOW.

The Senate Bill SB458 passed in mid-July now eliminates deficiency judgments against Borrowers in a short sale. This Bill also eliminates any requirement for a Borrower to have to pay additional funds towards the approval. Notes on the law as provided by our Legal Counsel:

• The law applies to any note secured against “a dwelling of not more than four units.”

• There is no requirement in the statute that the loan being secured was for purchase money.

• The law says no deficiency will be owed if the property is sold with the “written consent” of the lender and the proceeds of the sale have been tendered to the lender “in accordance with the parties’ agreement.”

• The lender cannot require the seller/ borrower “to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.”

• If the seller damages the property, or commits “waste,” the bank may seek damages for that waste. This is an issue, as we know, because many short sale sellers tend to ignore the property since they will not be getting any proceeds at close of escrow.

• The protection of this law does not apply if the borrower is a corporation, LLC or limited partnership Click here for a copy of the bill.

Source: The Escrow Examiner October 2011 Pickford Escrow

808. Unfair practices [15 USC 1692f]

A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1)The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

(2)The acceptance by a debt collector from any person of a check or other payment instrument postdated by more than five days unless such person is notified in writing of the debt collector’s intent to deposit such check or instrument not more than ten nor less than three business days prior to such deposit.

(3)The solicitation by a debt collector of any postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution.

(4)Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on such check or instrument.

(5)Causing charges to be made to any person for communications by concealment of the true propose of the communication. Such charges include, but are not limited to, collect telephone calls and telegram fees.

(6)Taking or threatening to take any nonjudicial action to effect dispossession or disablement of property if –

            (A)there is no present right to possession of the property claimed as collateral through an enforceable security interest;

            (B)there is no present intention to take possession of the property; or

            (C)the property is exempt by law from such dispossession or disablement.

(7)Communicating with a consumer regarding a debt by post card.

(8)Using any language or symbol, other than the debt collector’s address, on any envelope when communicating with a consumer by use of the mails or by telegram, except that a debt collector may use his business name if such name does not indicate that he is in the debt collection business.

5 Things to do Before Putting Your Home on the Market  1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you™ll be able to make repairs before open houses begin.  2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.  3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don™t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.    4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.  5. Spruce up the curb appeal. Pretend you™re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?    

1. They don™t ask enough questions of their lender and end up missing out on the best deal.

2. They don™t act quickly enough to make a decision and someone else buys the house.

3. They don™t find the right agent who™s willing to help them through the homebuying process.

4. They don™t do enough to make their offer look appealing to a seller.

5. They don™t think about resale before they buy. The average first-time buyer only stays in a home for four years.

 If you are a 1st time buyer or haven’t owned a home in the past 3 years,  today’s housing market offers some great opportunities. Interest rates are still historically low, home prices are probably near the bottom and housing inventory is still substantial in a lot of areas. if you are a U.S. military veteran, you may qualify for a no downpayment loan. If you are not a Vet, but don’t have a lot of money for a downpayment, then there is the Federal housing Administration (FHA) still backing a 3.5% downpayment on a home purchase. Plus, there are some communities offering public funds for downpayment assistance. Also, there is still the tax advantage to home ownership. Of course, cash talks big in today’s market.

Carrying a credit card balance hurts your credit score. Only do it if you have no other options. If you are planning to get some financing, such as a mortgage, pay off your credit cards 45 days in advance of when your mortgage broker will pull your credit report. This will give enough time for your revolving credit ratios to update and help boost your score.