Using a Quit Claim Deed - Real Estate Forms

A quit claim deed is a legal form that clears title to a property. It is used in the transfer of an interest on a property to another person. By its name alone, it means the owner quits any claim on a house or land. The person who is quitting claim is known as the grantor while the one who accepts the property is called the grantee. The grantee assumes all risks especially if no guarantees or warranties are made on the title.

The deed, however, only transfers interest and does not guarantee if the grantor actually has ownership rights on the property concerned. It also does not ensure that the property is without debt.

In order for it to be enforceable, the deed has to be signed by the grantor after which a notary public should sign and stamp it. In some states, though, the grantee and other witnesses are required to affix their signature as well. Apart from a notary public, officials from states other than where the property is located can also notarize the deed.


During the sale of a house, a quit claim deed executed at closing transfers the property interest from the seller to the buyer. In other words, the seller totally disposes of the property rights and guarantees that he or she will no longer go after it whatever happens.

Another situation where a quit claim can be used is if a certain homeowner plans for an estate or a living trust. In this case, the deed transfers the ownership of his house into a trust fund.

If a life estate is involved, the grantor can still keep his right to possess the property even after signing a quit claim deed. A life estate usually gives the owner the absolute right to stay at the property until death. It is only after the owner's death that the grantee is able to get the right to possess the property.

It is important to understand that once the deed is signed, it will be hard to reverse or undo the deed. Only if the grantee agrees to quit claim the property back can the previous owner possess the property again. Otherwise, the grantor will have to show proof that the transfer was invalid.

A quit claim deed is a valid option for giving up property interest. But since transfer of title or ownership rights is not guaranteed by this document, it is best accompanied by a warranty deed.

Free Websites To Advertise Your Home FSBO

Listing your home with photos on the internet is a must if selling your home for sale by owner. If you are not using a realtor or the MLS, you should advertise your home anywhere you can. Try looking for a local for sale by owner website first. You can also try these FREE websites:


http://www.owners.com
http://usfreeads.com/_real-estate/
http://www.homeportfoliojunction.com
http://www.kijiji.com/
http://www.allthelistings.com/
http://www.househitz.com/
http://www.10realty.com
http://www.houselist.com/
http://www.homesalewizard.com/
http://www.fsboads.com/
http://www.oodle.com/housing/sale/

You may also want to list your home locally at http://www.craigslist.org

Earnest Money Deposit & Your Real Estate Contract

Is an earnest money deposit really necessary when filling out a real estate contract? Many real estate professional agree that an earnest money deposit will show the seller that you are a serious buyer. Earnest money deposits are usually for 3-5% of the offer price, depending on the market, and local customs. Many buyers add a clause in real estate contracts stating that the contract is contingent upon a buyer being able to obtain financing. This way if your financing falls through, you are more likely to get your earnest money deposit back. If all goes well and your financing goes through and you get to closing, the earnest money deposit is given as a credit toward what you will owe at the closing. It is possible to loose your earnest money deposit. One example would be if all the conditions of the real estate contract were met, but the buyer decided at the last minute not to buy the home, then the seller would most likely get to keep the earnest money deposit. If there are any doubts you should contact a real estate attorney.

To see a sample real estate contract visit:
http://www.legalhomeforms.com/sample.htm

The Truth about Rent to Own (Real Estate)

A lot of things have been heard, talked and asked about the words “rent to own.” For many, this seems a very good deal, as anyone can have the chance to eventually own the place he is renting. This business has made numerous companies’ fortunes and include such places as Prime Time and Rent A Center. But if truth were to be told, very few would go this route, except for those who have bad credit difficulties.

Most people are usually attracted to this scheme because some can be paid off by only a few dollars a week. Payments usually last about 15-20 months. However, if you regularly keep tab of the list of all your payments, you will eventually realize that you are paying double the price, or more than what you would give for a mortgage. This is a steep price to pay, especially for those who have good credit standing.

In addition, part of the terms and conditions in a rent to own scheme is sales tax, which you will have to pay on top of the mortgage fee. Again, even though this can be attractive to those without good credit, better and cheaper deals can be made with direct purchase through mortgage.

There are also instances when rent to own houses start out as purely a lease agreement with the owner, who decides in time to sell it to you. Luckily, you will find an owner who is flexible and work out things with you to get the price he might want for his house. But beware of those who will charge you more in order to make a handsome profit. This is usually done by extending the duration of paying period.

Indeed, rent to own may not be the best way to buy a home, but for those who have fewer options, this is a better alternative than paying rent for an apartment. With rent to own houses, you are not just paying rent but paying to eventually own a home.

The best thing to do in these circumstances would be to make sure of the terms and conditions of the sale with the owner, how much you will be paying and for how long. In this way, you and the owner will both end up satisfied with the deal.

Political Yard Signs & Selling Your Home

Is it OK to have political yard signs out before an election while trying to sell a house? Some say that this is probably not a good idea. Your Obama or McCain sign could detract from the MOST important sign in the yard...the FOR SALE sign.

Political signs shouldn't be a factor, but why risk it. The smallest thing can kill a real estate deal and you never know what might step in the way of a successful negotiation. Real estate agents suggest that you should make the interior of your home as neutral as possible (paint colors, furniture, etc) so why should the outside of your home be any different. Yes, everyone has a right to their opionion but you might turn off a potential buyer with a particular endorsement. Selling a home in today's market it is challenging enough without adding politics to the mix.

Real Estate Contracts - What You Need to Include

Real estate contracts are vital to the selling of property. Signed and written documents are important to legitimize these deals between two parties. One important forms involved is the real estate contract also known as purchase agreement or sales contract.

A real estate contract is needed in the sale or purchase of a home and must be entered into by the parties involved voluntarily. In some cases, the purchase agreement presented by a homebuyer to a seller can already serve as the contract. In the United States, the Statute of Frauds requires that real estate contracts should be in writing to be considered enforceable. However, as real estate laws vary from one state to another, this form may also differ in some states.

The information contained in a contract pertains mostly to a piece of real estate property but it also includes the names of the home seller and the buyer. If you’re in the process of selling your home and are not sure what to include in a contract, it’s best that you consult a lawyer who specializes in real estate to help you with this concern. If you plan to get the services of real estate agent, your agent will take charge of preparing this document.

Specifically, a contract identifies the property involved. Details should include a legal description of the house and the exact address.

The full name of the seller and the buyer or the principals should be on the document. As principals, they are distinguished from the real estate agents who serve as representatives during the negotiation process. The signatures of the two parties should also appear on the contract to be considered legal.

Being a sales transaction, the purchase price of the property must be stated.

Contingencies are normally included in real estate contracts. One of the most common pertains to mortgage calling for the buyer to obtain a loan within a specific timeframe after the contract signing. Home inspection is another contingency required by most buyers. This is to ensure that the property is in good condition without material defects before closing. In some cases, the home buyer may also include an appraisal contingency to ascertain the property’s fair market value. This is useful to the buyer considering that lenders refuse to approve a loan more than a home’s appraised value.

The closing date is usually also specified. This refers to the date when ownership of the property is transferred from the seller to the buyer. However, a separate date may be stated as to the transfer of possession of the house or the day when the owner has to vacate the house.
It’s ideal as well that the closing costs and the parties responsible for paying them be written in the contract. Sellers often shoulder most of these costs as an incentive to their prospective buyer. However, both parties can also agree to split the costs between them.

Notarization is not needed for a real estate contract. What usually requires notarization is only a seller’s signature on a deed as required by many recording offices.

Now that you know the details in a contract, be sure to read and understand carefully all the terms and conditions before signing the document.

Visit: http://www.legalhomeforms.com to view sample real estate contracts and forms.

Who Needs To Have A Lead Based Paint Disclosure?

Selling a residential property in the U.S. entails a lot of paperwork. These include a counter offer, real estate contracts, appraisal report, home warranty, title of the property and disclosure forms among many others. Disclosure forms are submitted in the initial stage of the sales process usually after a seller receives an offer to purchase real estate from a potential buyer.

Disclosures are required by real estate law and are seen as protection for home buyers. Submitting disclosure forms beforehand also gives a good impression to buyers that the seller is honest enough to inform them of the condition of the home. Disclosures are basically of two types – those concerning the physical condition of the home and those that pertain to the use of lead-based paint.

Section 1018 of the Residential Lead-Based Paint Hazard Reduction Act of 1992 called for the Housing and Urban Development (HUD) and Environment Protection Agency (EPA) to require the disclosure of lead-based paint and its possible hazards before the sale or lease of homes built before 1978.

Types of housing covered in this law are private and public housing, those owned by the Federal government and those receiving Federal assistance. This rule took effect on September 6, 1996 for real estate transactions that involve owners of more than four homes. Homeowners with one to four residential properties were covered beginning December 6, 1996.

This is vital because lead-based paint is hazardous to people’s health and a home that used this kind of paint has a potential of causing health problems to occupants. Lead is a toxic metal that can to health issues notably in children. When absorbed by the body, lead can affect the brain, kidneys, nerves and blood. It can also lead to problems in behavior, learning and in worse cases, death.

Specifically, the disclosure should reveal any information on the use of lead-based paint as well as its location in the house and its adverse effects. It should also be accompanied by a pamphlet entitled "Protect Your Family From Lead In Your Home" approved by the EPA that contains information on how to identify and control lead-based paint hazards to avoid health problems.
Some steps homeowners can do to avoid being contaminated include mopping floors, vacuuming carpets and upholstery weekly to remove dust, wiping down flat surfaces and picking up loose paint chips with a paper towel and throwing them away.

Home sellers and landlords are also required to give any records or reports on lead-based paint and its hazards available to them. In addition to the disclosure form, they should likewise provide an attachment to the sales contract or lease agreement specifying a lead warning statement confirming that they have complied with the necessary notification requirements. This attachment must be signed by the sellers and buyers or the landlords and tenants and should bear the date they affixed their signatures.

A 10-day period is normally given to home buyers to conduct a paint inspection. The time period, however, may be shortened or lengthened depending on the agreement of the parties which must be in writing. Buyers can also opt to waive the inspection if they wish.

Always be cautious when buying a home especially if it’s constructed before 1978. Doing your homework before making a final decision is very vital. Download a lead based paint disclosure by visiting: http://www.legalhomeforms.com/lead-based-paint-disclosure.htm

Online Advertising – The Newest Way To Market Your Home

Selling a home requires advertising it in as many ways as possible to reach a wide audience. If you fall in the FSBO (for sale by owner) category, you need to exert extra effort to market your home in various advertising media. One of the best options available today is advertising on the internet because of its numerous advantages over the traditional method.

The advantages

Global reach is a major advantage of online advertising compared to newspaper, radio and TV ads that cater only to a certain area. With this newest form of advertising, information and content can be transmitted to millions of people regardless of time and geographical location. This means that you can attract people looking for a new home or a second home even from countries outside of your own. So don’t be surprised if you’ll get a potential buyer for your home located in the U.S. from, say, Europe or Asia.

While its reach can be global, online advertising is also targeted. In other words, it has the ability to reach your specific target audience. Examples of programs that help achieve this goal are Google’s AdWords and AdSense which match up advertisers with content that their target market reads on a regular basis.

Internet advertising is also Cost effective. Compared to a small yellow-page ad, for instance, that can cost you hundreds of dollars, you can advertise your home for sale online with only a small fee. You can even market it free of charge on some MLS sites that don’t require any listing fee. All you need is a little research and you will surely find a good MLS site on which to list up your home.

Types of online ads

Online advertising has different variations. These include using search engine results pages, banner ads, social network advertising, e-mail and affiliate marketing and advertising networks. For paid ads, they can be of various types such as floating, expanding, polite, wallpaper, trick banner, pop-up, pop-under, video, map or mobile ad. Most of these forms of advertising, though, require payment of certain fees.

E-mail marketing is also another option available for home sellers as it does not entail any expenses. You just need to find time to e-mail friends, colleagues and real estate companies and agents you know about the home you are selling. This is quite easy because you can already send a single letter to several people in one click of your mouse.

Helpful tips

The National Association of Realtors reveals that 24 percent of new home buyers get information about new homes for sale from the internet. This only means that people looking for homes now use the internet more than using the newspaper classified ads. The convenience and quick search results provided by the internet may be attributed to this.

When opting for this advertising form, be sure to provide the necessary details about your home for sale such as the location, number of bedrooms and your contact number. If necessary, include a photo of the property to perk up the interest of potential buyers and entice them to look deeper into your offer. A virtual tour of your home is another popular way of attracting buyers. Remember to be creative and direct to the point when advertising your home online.


Read more about selling your home: The Secrets To Selling Your Home Yourself In 1-6 Weeks Without An Agent And Saving Thousands In Real Estate Commissions.