Tag Archive for: deed

Unable to write your name?

When a competent grantor, who is unable to write, executes a deed using a mark, an affidavit should be obtained from the witnesses, stating which of the following:
I. The contents of the deed were read to the grantor.
II. The grantor, by making the mark, consented to the effect of the deed.
III. The mark was made voluntarily.
IV. The mark was made using an “X”.

The answer is I, II, III

For more information on the proper Notarization of someone signing by a mark, please see the attached link http://members.usnotaries.net/news.asp?AssetID=600

Minor Child

Do You Know….

Exam Stress left

 

In a transaction involving a minor, which of the following would suffice for insuring title to real property owned by the minor child, being sold to a third party?

 

1.  Obtain the signature of the natural guardian(s) on the deed, assuming the equity of the minor does not exceed $15,000.00.
2.  Record an Order Removing Minority, showing the minor has been emancipated, and obtain the signature of the minor.
3.  Record a marriage certificate showing the minor is or was a married person and obtain the signature of the minor.
4.  Obtain the signature of the Plenary Guardian of the incapacitated person.

 

a. 1
b. 1, 2
c. 1, 2, 3
d. 2, 3, 4

 

The answer is: c.

Note: No legal advice or suggestions are being given.

If you feel you do not receive value in our tips, please feel free to unsubscribe at: info/orders@accesstitleagency.com

Agreement for Deed

Access_Title_Agency_Agreement_for_DeedAn agreement for Deed, also known as a Contract for Deed or an Installment Land Contract, is a transfer of real interest in property. The Seller is referred to as a “Vendor” and the Purchaser is called the “Vendee”. The interest acquired by the Vendee is an equitable interest. Legal title is transferred from the Vendor to the Vendee by a Warranty Deed at the time the Vendee has fulfilled all of their payments and obligations under the agreement. The Deed may be held in Escrow at the time of the closing of the agreement (for ease) with terms for release once the obligation is met. Transfer taxes are due at the time of the recording of the Deed. A Memorandum of the Agreement may be recorded in lieu of the Agreement so that the terms are not disclosed and remain private to the parties.

Access Title Agency………helping you provide additional value to your clients.
If you would like more information, please feel free to contact us.

Note: No legal advice or suggestions are being given.
If you feel you do not receive value in our tips, please feel free to unsubscribe at: info/orders@accesstitleagency.com

Insuring Title Acquired by a Tax Deed

Tax Sale

Generally speaking, underwriters of title insurance will require one of the following to insure a transaction coming out of a tax sale:

1. The tax deed holder must file a Quiet Title Action and let the appeal process run out; or

2. The prior owner (who lost the property) must Quit Claim their interest in the property to the tax deed holder.

If a cloud on the chain of title shows a tax deed, it must be at least 20 years old to consider insuring over it.

Note: No legal advice or suggestions are being given as to the preferred or recommended way to handle. We would consult with our underwriting council to seek approval prior to insuring. The above is an excerpt only from an Underwriting Manual.

 


Vesting or Taking Title on Deeds

naples-florida_title_deed_insurance

Multiple Party Deed

A few ways in which more than one party may hold title are as follows:

Tenants by the Entirety:  Only a husband and wife may hold title in this manner.  Provided the couple remains continuously married, the surviving spouse becomes the 100% owner of the property upon the death of their spouse.

Tenants in Common:  Title can be held by two or more individuals or legal entities in equal or unequal percentages.  Upon the death of one of the owners, their interest passes under the term of their will and not automatically to the other people with whom they are in title.

Joint Tenants with Rights of Survivorship:  Title must be held in equal interests (ie:  50/50 or 25/25/25/25) by individuals.  Title passes automatically to the co-owners upon the death of any owner.

Life Estate with Remainder Interest:  Title passes automatically to the holder of the remainder interest upon the death of the holder of the life estate interest.

Note:  No legal advice or suggestions are being given as to the preferable or recommended way to hold title.  Consult with an attorney prior to deciding how to hold title.  The above is an excerpt only from an Underwriting Manual.