Quit Claim Deed

I Quit, I give you all my interest in this property and maybe just maybe a few problems, so lets make a deal!

Quitclaim Deed, is just that, it’s a deed a seller gives a buyer when the seller is quitting his interest in the property and giving it to the buyer in the form of a deed, a quitclaim deed. To name a few examples these types of deeds are most often used in a tax sale, to pass property between family members or from one spouse to another in a divorce settlement? The Seller says Uncle, I give up, I Quit, and it’s yours now!

Now the buyer has any and all of the seller’s interest in the property at the time of the transfer. Well let’s hope this seller really owned the property, even that’s not guaranteed in this type of deed. In fact nothing is guaranteed or warrantied.

So the seller deeds the buyer his interest in the property, does anyone else have an interest in the property, are there any liens or judgments against this property, and is there a spouse or sibling who has a legal claim out there somewhere?

It’s like doing business on a handshake, that’s all and good if a future problem doesn’t appear on your doorstep. As a buyer are you willing to take that kind of a gamble on a real estate purchase?

Do your homework and most importantly hire a real estate lawyer and obtain title insurance before you sign a quitclaim deed; remember in the end it’s up to you to protect your interest in the property you’re buying.

We live in a very uncertain world, however if we follow the obvious steps required for a smooth transaction we can avoid Murphy’s Law, “whatever can happen will happen.”

Oh and for those of you who have been wondering if the Quitclaim Deed is also referred to, in error, as a Quick Claim Deed, the answer is yes!

Deborah’s WebSite

Email Deborah

Like Deborah on Facebook

Follow Deborah on Twitter

 

To Inspect or Not To Inspect

By all means inspect my friend inspect!

Now that your offer to purchase real estate is a contract, you’re probably thinking about how much all this is going to cost. I know you’ve sacrificed and saved for the last few years just waiting for this day to come, and now the time has come for you to start signing all those checks. First it’s the deposit money, and then it’s all those upfront mortgage company fees. The real kicker will be that truth in lending statement which gives you a good faith estimate towards all of your closing costs. MC900056234

It’s all coming together and time is of the essence, it doesn’t matter what kind of contract you signed whether it’s for a short sale, foreclosure or seller owned property, even an “as is contract” gives you the opportunity to have a home inspection within a certain number of days. My advice is to take advantage of this opportunity, especially if it’s an existing home; a home inspection is well worth the money you’re going to spend. For a reasonable fee you can have everything inspected, the roof, attic, plumbing, electric, mold issues and all appliances. In the long run this important step in purchasing real estate can save you thousands of dollars.

Now is not the time to save a few dollars, it’s time to spend wisely and  know exactly what you’re buying so you won’t be unhappily surprised in a  month or two after closing. If your inspector finds something majorly wrong with house you can renegotiate the contract purchase price, back out of the contract all together or even just decide to deal with the problem yourself after the closing. As you can see the options are very advantageous to you since you are now a savvy informed buyer.

A good home inspection company will be able to provide the WDO (Wood Destroying Organism also known as a termite inspection) report during the same time as your home inspection.

A home purchase is a big investment, know what you are buying and believe me you will be glad you spent the money on that all important home inspection.

Happy House Hunting

Deborah’s WebSite

Email Deborah

Like Deborah on Facebook

Follow Deborah on Twitter

Life With A Realtor® Part 2

As you know I live here in St. Augustine, Florida with my Realtor® and we couldn’t have picked a better place to call home. St. Augustine is the oldest continued occupied European settlement in the United States. Yes that’s right it’s the oldest city in America and there’s always something going on downtown. Right now we’re celebrating the 2013 Romanza Festival till May 19th. There are concerts in the plaza and on the beach, jazz and art festivals all free of charge. Of course I get a lot of attention when we hang out in the plaza, mostly from little children who want to pet the cute little dog with the wagging tail. I must admit I am a hit and the best conversation piece my Realtor® ever had. 

Walking around downtown is always exciting; people from all over the world come here to enjoy our city. The cannons at the Castillo de San Marco are shot often by re-enactors, and the first time I heard that loud noise I’ll admit I was a little frightened but I’m used to it now. Music plays from various eateries filling the air with delight when we walk around. Of course I’m always fashionable in my matching harness and leash ever aware of just how cute I look. 

One of my favorite places to visit is the Tini Martini Bar located right on the bay front. We always get a bistro table for two by the sidewalk so we can people watch and the people can watch us. I sit up in my chair alert and always ready to wag my tail for a kind word or a pat on the head. I’m always welcome at the Tini Martini Bar, in fact there are many places in town where I’m welcome and my Realtor® and I patronize these places frequently, maybe later when I have more time I’ll tell you about a few more of my favorite places. lizmartini

 

It’s beautiful here during the day looking out upon the waterfront seeing the boats, the horse and buggies in the street and all the happy people waving from the sightseeing trains and trollies. In the evening the atmosphere here is positively dreamy with the lights of the tike torches. There’s nothing better than a beautiful day or evening sipping a martini, listening to live music and meeting new friends at the Tini Martini Bar here in my home town of St. Augustine, Florida. Say hello to me when you walk by or sit across from us, you can easily recognize me since I’ll be the cutest one there! See you down town.

 Elizabeth pawprintxsm

Life with a Realtor®

Hello my name is Elizabeth and I live with a Realtor®, and believe me it has its ups and downs. Every morning my Realtor® puts on what’s called clothes, she tried putting those things on me and I put a stop to that right away. Oh she petted me and told me how much I would like my new outfit and then she proceeded to put it on me lifting my legs awkwardly into tiny little holes then forcing scratchy material over my head. Wow did Elizblogpicthat feel strange; I don’t know how she can put those outfits on herself every day because I sure hated that constricting horrible feeling. Well I did what any proud miniature dachshund would do, I froze right there on the spot, yep that’s right, I refused to move! I stood perfectly still then I really laid it on looking at her with my big irresistible eyes screaming help, help me, please help me, I can’t move. Off came that stupid outfit and that my friend was the end of my Realtor thinking I would be wearing clothes like her. I can just imagine her thinking how cute we would look in matching outfits; sometimes she’s just not wrapped too tight.

Let’s face it, I do spend a lot of time in the house alone because she’s always going somewhere and most of the time she doesn’t take me along. That is so frustrating especially since I always want to go with my Realtor®, heck I don’t want to miss out on anything. So many times she promises me that she’ll be home with me all day, and then the phone rings and she’s out the door breaking the promise she just made. Or she says, I’ll be back in a little while and comes back five or six hours later. When my Realtor® does come home I jump up and down on her leg wagging my tail like crazy, she thinks I’m so happy to see her when all I really want to do is go outside and do my business since I’ve been holding it for hours!

As I said in the beginning there are many up sides to living with my Realtor®. For instance we both enjoy a lot of the same things, playing ball, sleeping under a blanket, sitting in the same recliner, watching old movies and eating cheese. Plus there seems to be an endless supply of food in a big metal box that she keeps in the kitchen, I usually get a piece of whatever she takes out of there too. She does keep a bowl on the floor for me filled with some sort of colorful pebbles that I simply refuse to eat on a regular basis. Make no mistake about it, I may live with a Realtor® but I’m top dog in this house, I’m in charge around here. I had her trained in no time. Whenever she sits down to eat she always shares with me. I have a special seat in the car too right up front next to my Realtor®, it’s nice and high so I can see out the window, I love riding in the car.

I must admit that my Realtor® is my very best friend. I follow her around the house and even when she’s on the computer, which is most of the time, I’m right under the desk in my bed just in case she needs me. I feel sorry for her sometimes especially when people come over. She thinks they’re coming to see her when they really just came over to play ball with me. Like I said before, sometimes she’s not wrapped too tight so I’m taking care of her and I’m doing a great job.

Elizabeth pawprintxsm

Deborah Link Earns NAR Short Sales and Foreclosure Resource® Certification

             

Image

Deborah Link Realtor® with Deltona Realty, has received the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR® certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions as demand for professional expertise with distressed sales grows.

Deborah has just returned from the Northeast Association of Realtors where she has completed the highly specialized Short Sale Foreclosure Resource course. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. “I am proud to have this additional knowledge to assist my customers through the difficult and emotional transition of the Short Sale and Foreclosure process” said Deborah, who has been helping both home sellers and buyers in St Augustine, Florida.

Foreclosures and short sales can offer opportunities for buyers, benefiting the community as well, but it’s extremely important to have the help of a real estate professional like a Realtor® who has earned the SFR® certification for these kinds of purchases.

Read the Declaration of the Condominium Before You Buy

Read the Declaration of the Condominium Before You Buy

By Realtor© Deborah Link

This is a great time to for home ownership! Rates haven’t been this low in many years and now may be the most affordable time to buy that condominium you’ve been thinking about.

It’s time to do that pro’s & con’s list, let’s begin with the most common types of condo’s, apartment like with single floor living or a town home/carriage type lifestyle. Do you like ground floor living or do you want to be on a higher floor, does the condo have steps or an elevator, do you need a garage, some will have garages and some won’t. Let’s not forget the view, will you look onto the parking lot, another building, be on the water or look onto a preserve. Do you prefer more specious living, if so then a townhome situation with more than one floor might better suit your needs?

Condo living has numerous advantages for today’s active life style, there’s no need to worry about lawn care and landscaping, most communities will have a pool, some communities will have hot tubs, play grounds, walking trails, tennis and or golfing, and most will have super fitness centers and a clubhouse where neighbors gather. The common areas will be clean and neat, insurance on the outside of your unit will be taken care of by the association and your quality of life will become carefree and fun. A guarded gated community can provide you and your family with the increased security you desire.  If you like to travel,  just lock your doors and go!

The amenities provided by an association are valuable considerations that will save you money in the long run. Yes you have to pay a monthly, quarterly or yearly fee to the homeowners association, but consider how much it would cost having to purchase and maintain a pool, pay a lawn service or a yearly gym membership. Some condominium communities may even provide water, sewer, cable and or internet service. Speaking of fees, you can expect that sometime in the future you will be assessed a fee to cover a variety of things like new roofs or maintenance and repair work. Some assessments can be extremely high and unexpected. Also you need to find out if there are any past due assessments which you could be responsible for that the previous owner neglected to pay. Unpaid assessments will be recorded as a lean on your home, second only to the mortgage, and will include legal fees, interest and late fees. As the buyer you are may be responsible for past due assessments and will have to recover the loss yourself from the previous owner  forcing you to hire legal counsel. This is only one good example of why you should always use a Realtor when buying a condo, the purchase agreement will address unpaid assessments, and your Realtor can insist in writing that the seller pay all past due assessments at or before closing.

When you choose the condo and are ready to sign a purchase agreement you will have three days to read and accept the “Declaration of the Condominium,” commonly referred to as Condo Docs, also the rules and regulations, frequently asked questions, budget, and the articles of incorporation. If the unit you’re considering is brand new and you’re buying from the builder you will have fifteen days to read and accept the condo docs. If you don’t accept the declaration or just change your mind your purchase agreement will be null and void.

Many buyers will not even take the time to read these documents because they may be five hundred pages or more. Please read these documents carefully because when you buy a condo you agree to abide by and accept the rules and regulations governing you and your unit.

These docs will address the voting and bylaws, issues that will affect how you use and live in your condo. There may be a no pet clause or a weight limit and even breed limit on dogs.  For example many associations will not allow pit bulls, rottweilers or chows, just a few of the breeds that may be on the no-no list. The number of pets allowed may also be limited, cats may not be able to wonder freely outside and some will even exclude rodent type pets like rabbits and ferrets. The rules will address renting, whether or not you can rent your unit and the allowable minimum lease requirements, and the pet rules may be different for renters then for you the owner. There could be restrictions on guests, friends and family members using the unit. Parking issues will also be addressed; can you have a motorcycle or scooter, golf cart or pick-up truck, work vehicle, and how many spaces are assigned to you and your guests? On and on it goes, so it’s up to you the buyer to educate yourself on exactly what your homeowners association will expect from you and it will also spell out what you can expect from them. You don’t have to wait until you sign a purchase agreement to have a look at condominium documents, your Realtor can discover and provide you with all the documents you may need well in advance.

An educated buyer is a happy buyer and it’s a Realtors job to make sure you have all the tools you need before you sign on the dotted line.

For more information on Condominiums, please don’t hesitate to call or email me.

 

Deborah’s WebSite

Email Deborah

Like Deborah on Facebook

Follow Deborah on Twitter