Using Quit Claim Deeds When Buying a Home

One thing about real estate law is pretty logical, although there are many things that are not logical, such as the behavior of sellers and buyers under certain conditions! The logical thing is that you cannot sell or convey something that you do not own. When you sell a home, you are only selling what you own, nothing more. I realize that sounds rather simple, but as usual, nothing legal turns out to be very simple, does it?

In oil-producing states like Oklahoma where I buy and sell homes, very often I am not buying the mineral rights to the real estate. The mineral rights have been "excepted" from the deed I received at the time I bought a home, and they will be excepted from the deed I provide to my buyer when I sell a home. The reason for the deed exception is that sometime in the past, perhaps even long ago, a person or a company purchased the mineral rights to a huge tract of land for the purposes of drilling for oil on that land in the future. Mineral rights would also include gold, silver and other mineral mining rights. I didn't buy the mineral rights when I bought the home and the land, so I cannot sell mineral rights that I do not own.

Well, that particular example involves mineral rights, something that is so common in many parts of the country that it is handled by deed restrictions. However, there are other situations occurring all over the country all the time that require a special form of deed called a "quit claim deed." Some people say "quick claim," but that is wrong, just so you know the real term. To quit something means you are done with it, right? So, a quit claim deed represents a signed statement that a person, or an heir or representative of a deceased person is legally swearing that he or she has no legal claim to the property. It does not convey interest in a property at all, it does just the opposite. A quit claim deed is a sworn statement that at least one possible claimant is out of the way.

A quit claim deed is often used when a married couple bought a home, got a divorce and then one of them eventually prepares to sell the home. The fact that their divorce decree states that the house will go to the wife is not enough to provide clear title to sell a home. There can be a cloud on the title if the husband doesn't sign a quit claim deed to prove that he has no legal interest in the house.

Another example would be the children of a man who passed away and his widow is selling the home they had owned together. His children from a previous marriage may each be required to sign a quit claim deed stating that they have no ownership interest in her home for sale. Lawyers working on behalf of the seller or the title company will make the decisions regarding the need for quit claim deeds to sell a home.

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Leo Kingston has been buying and selling homes in the Oklahoma City area for nearly 3 decades. His company, 18002sellhomes, offers house owners in the OKC area a method to sell a home quickly for cash without the need of a Realtors services. http://www.18002sellhomes.com

Do You Really Need A Real Estate Agent When Selling a Home?

A real estate agent is a person who has taken classes and passed a test (not an easy test, by the way) proving that he or she has some specialized knowledge. And most states require real estate licensees to continually update their education as well. Finding a buyer is just one of the many, many things a real estate agent knows how to do for you.

It is entirely possible that you can find a buyer to sell a home yourself, and I would even encourage you to do that part of the job "by owner". Finding a buyer does not require highly specialized knowledge. But what comes after the handshake and the verbal agreement is another story. It takes specialized legal forms and local real estate knowledge relevant to your city and state. That's the stuff that can make or break your sale transaction, and that's the stuff you may or may not know how to do for yourself.

It's a whole lot easier to buy a home without a real estate agent than it is to sell a home without one. The burden is on the seller to provide the documents and to push those documents through the closing process. Well, that's my perspective anyway. Some people might disagree. I've certainly been the one to handle all the above when I was the buyer, but that is unusual. Usually a buyer expects to be treated somewhat royally, and receive special treatment.

Real estate investors are an exception because we are professionals as well, but home buyers who only purchase homes to live in really do expect special treatment. Real estate agents know this very well. They have been trained to take buyers by the hand and lead them through the complex and confusing process of buying a home. That is the part of the job that you, as a seller, would surely prefer to avoid. It's not much fun.

So, if you are prepared to do what needs to be done to sell a house after finding a buyer, then you are all set to close a sale transaction yourself. And that means to wait patiently while your buyer has the house inspected, applies for a mortgage and waits for approval, and obtains property and title insurance prior to closing. Meanwhile, you will be getting a title search done to guarantee the buyer clear title at closing as well. With the help of a good title company, it is possible to bring in a buyer and get a sale transaction closed without a real estate agent, but it is not always smooth and easy. Just be prepared for some adventures along the way!

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For people who need to sell a house fast for cash, Leo Kingston has been offering home owners in the Oklahoma City area a means of quickly selling their home without the need for Realtors or banks. There are no fees or other costs associated with selling homes to 18002sellhomes. http://www.18002sellhomes.com