YOU HAVE QUESTIONS, WE HAVE ANSWERS!
VIVA ESCROW Q & A SEGMENT
(Real questions sent to us – verbatim!)
QUESTION:
I was given a signed Quitclaim Deed to a small piece of property as the person could not pay me for money I loaned him. How can I tell if this document was prepared correctly?
ANSWER:
There are a few things that you should check on this Quitclaim Deed to make sure that it was prepared correctly:
- Does this person actually own the property?
- Is this person competent to sign?
- Does it have the correct person’s name giving the property and your name correctly as the person receiving it?
- Does it have the right wording that he is giving/granting/conveying you the property?
- Does it have the property address and/or a legal description to correctly identify the property?
- Is it signed by the person?
- Is it notarized?
If you have checked the basic, main “ingredients” above, then it would seem that the Quitclaim Deed should be fine, without me taking a look at it or researching the property.
If you want to make sure to establish your ownership, you probably should take it to the Recorder’s Office in the county where the property is located and have it recorded. This act of recording will transfer the ownership to you.
However, a cautionary word – if you don’t know the background of the previous owner or the property, there might be other issues that come up in the future that could affect your ownership.
For your information, here is my article on the Viva Escrow website regarding the Good, Bad and Ugly of deeds.
EDUCATIONAL MOMENT:
What could be some possible issues?
What if the previous owner only owned part of the property?
And, most important – What if the previous owner had liens and tax issues that attached to the property? Taking over the ownership might mean you will “inherit” them if they were already in effect and never paid.
**********
~ Video of the Month ~
The Ultimate Anniversary Gift Guide
**********
~ Quote of the Month ~
Now that I have lived through a plague, I totally understand why Italian Renaissance paintings are full of fat people lying on couches.
**********
If you haven’t had an opportunity to watch –
Escrow From the Trenches – Six Part Attorney Seller Drama
Part 1 – No Instructions, No work!
Part 2 – Blue Ink versus Black Ink
Parts 3-6 to follow each Wednesday, May 2023
**********
You Have Questions? We Have Answers!
Juliana Tu, CSEO, CEO, CBSS, CEI, SASIP
“Escrow is my FOREMOST language!”
Advance Disclosure:
The opinions expressed in this blog are solely the author’s.
Your comments and viewpoints are always welcome.
Info @ VivaEscrow.com