CATEGORY: Quitclaim and Warranty Deed Questions

Answers to Frequently Asked Quitclaim Deed, Warranty Deed and Survivorship Deed Questions

If a Home is Owned Jointly and One Person Takes Out a Mortgage That Goes Unpaid, Can the Lender Foreclose on the Entire House?

If payments are missed on a loan that is secured by a mortgage, the lender secured for the mortgage can file a foreclosure action. But the language of the title and the mortgage documents are critical to how the lender may proceed. Continue reading If a Home is Owned Jointly and One Person Takes Out a Mortgage That Goes Unpaid, Can the Lender Foreclose on the Entire House?

How Do I Transfer Assets from my Deceased Parents’ Trust to Myself?

If a Living Trust document allows the property it holds to be distributed to the heirs following the death of the donors, the Trustee named in the Trust would simply execute a Quitclaim Deed transferring title of the property from the Trust to the beneficiary or beneficiaries named in the Trust. Continue reading How Do I Transfer Assets from my Deceased Parents’ Trust to Myself?

Does a Property Buyer Have to Honor an Existing Lease in a Short Sale?

A potential buyer or a new owner of a property — be it short sale or standard purchase — must honor an existing lease agreement unless that lease agreement specifically contains a provision for the termination of the lease in the case of sale. Continue reading Does a Property Buyer Have to Honor an Existing Lease in a Short Sale?

If Multiple Persons Own a Property and One Does Not Wish to Sell, Can the Majority Vote to Sell Anyway?

Absent an agreement amongst all of the owners, a “majority vote” cannot compel the sale of a person’s ownership interest in a property against his or her will.

But there is another option available to move the process forward for all parties. Continue reading If Multiple Persons Own a Property and One Does Not Wish to Sell, Can the Majority Vote to Sell Anyway?