I often hear the grumble from both buyers and sellers when it comes to title expenses during the escrow process, but the minute they discover they cannot sell their property because “something is amuck” on the title, they are ever so grateful they have title insurance! Title insurance protects all parties and you’ll be mighty happy you have it when needed.
There are times you’ll need the assistance of a title officer, such as occurrence’s where a quitclaim is necessary. It’s important to know a quitclaim deed conveys only the grantor’s rights or interest in real estate without stating the nature of the right and with no warranties of ownership. A quitclaim deed is often used to remove a possible cloud on the title.
For example, if a title search revealed that the property was at one time held by a partnership, and then abandoned, the current owner would have to get quitclaim deeds from the people involved in the previous partnership in order to obtain a marketable title.
Quitclaim deeds are used for a multitude of reasons, but I caution you, before you decide to quitclaim property to another, get the legal advice of your attorney.
So the next time you grumble about title insurance, think again. There may be a time in the future you’ll be thankful you have it!
Would you like to make a comment on this article? It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too! To comment just scroll down and leave a reply.
IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
Brought to You By Your Favorite Realtor,