There is very little in the way of guidelines as to what constitutes delivery and acceptance.
It is a good idea for the grantor to get something in writing from the grantee stating that they have received and accepted the quitclaim document. Once the completed document has been signed by all required signers, delivered to and accepted by the grantee, it is considered legally executed. Recording The final step in the quitclaiming process is generally the recording of the executed document by the grantee.
It is not always required for the document to be recorded in order to be valid however it is almost always required in order for the document to be binding on third parties. The recording of the document is done at the recorder's office where the property is located.
Elements of a Quitclaim Document While each County has specific formatting requirements for the recording of documents there are main elements that are common to all legal deeds. Title The title of a legal document tells the world what type of document it is. In this case the title is "Quitclaim Deed" Executed Date This is the date that the legal document was completed, signed, and executed.
Grantor This is the person or persons that is transferring their rights to the real estate to someone else. The term "person" can refer to a natural person, an LLC, a Partnership, a Corporation, a Trust or Trustee, or any other entity that can legally own real estate.
Grantee This is the person that is receiving the ownership rights that are being transferred. Again here, the term "person" refers to any entity that can legally own real estate. Habendum This is the meat of the deed, the legal speak which actually transfers the rights to the property. Generally it is a phrase similar to: " While in some cases a deed may be enforceable without consideration it certainly muddies the water. It's a good idea to check with a tax accountant before transferring real estate with a "no consideration" or "gift" deed as there may be tax issues. Legal Description Here is where the description of the property being transferred is listed.
The format of the legal description varies from state to state. The types of legal descriptions are: metes and bounds, rectangular survey, and lot and block. The "lot and block" legal description is the most common however it depends on your state. Signatures Most states require only the Grantor to sign the deed and for it to be delivered to the Grantee for it to be valid. Grantor's signatures usually must be notarized and in some rare cases separate witnesses must also witness the Grantor signing.
Prepared By This section lets the world know who prepared the deed. You can also find customer support email or phone in the next page and ask more details about availability of this book.
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If there is a survey it only takes 5 minutes, try any survey which works for you. Florida and Arizona have a number of leased-land retirement communities as well. Leased-land properties exist in other areas, but because leasing land is an unconventional way to purchase property, this option is not available in every state. Trailer parks, perhaps the most common form of leased-land community, can be found almost anywhere. When you buy a house or condo on leased land, you'll take out a mortgage on the property as usual.
The monthly mortgage payment will be less because the home's purchase price is lower, but you'll also have to pay a significant monthly land lease fee. Because land lease properties are often located in entire communities of similar properties, a leased-land property may also come with HOA fees to cover the upkeep of landscaping, community pools, community buildings, etc.
If you think that buying a property on leased land may be right for you , you should consider the following. Buying a home on leased land can be tempting when you see the low sale price, but the purchase involves many complexities that traditional home buying does not. Traditional home ownership probably creates the greatest financial security for most people, but buying a home on leased land may be a viable alternative for those whose major priority is buying into a particular community at a lower price than a traditional home or condominium, rather than building equity.
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All the forms LLCs can take mean the answer is complicated. This has been proven to be a very lucrative action. The highest bidder now has the right to collect the liens, plus interest, from the homeowner. The county will publish the list of tax deed properties in the local newspaper approximately three weeks prior to the sale. Tax deeds are bid up in price until a high bid is established. Redemption Period: Not applicable. A transfer tax is the city, county or state's tax on any change in ownership of real estate.
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If the length of the remaining lease is shorter than you plan to remain in the home, it is imperative to find out what happens to your interest in the property at the end of the lease term. The lease term will also affect your ability to finance the home. It may be difficult or impossible to get a mortgage if the remaining lease term on the land is 20 years and you want a year mortgage.
Ideally, a lease that exceeds your potential remaining lifespan will protect your financial interests and your peace of mind. Of course, while you may not live in this home for the rest of your life, it's nice to have that option. And if you sell the home, a long remaining lease term will positively affect your sale price.
What are the terms of the surrender clause? Check the terms of the surrender clause if the lease will run out while you still own the house. If the lease expires and is not renewed, you will have to give up the use of the land upon which your home is built. Some surrender clauses stipulate that you also must surrender any improvements to the land i. Avoid ugly surprises by getting the information before you buy.