Archive for November, 2007
Deed Of Trust Texas Form
November 25th, 2007
Question: Texas law - quit claim deeds and warranty????
Okay, Im getting the run around, and I need help with this. Researching online - to add a title onto a house suggests I file a quitclaim deed form with the county clerk tax office.
I called the county clerk and they said I could do it myself or use a title company.
The title company said they don't do that - I need a real estate lawyer.
A real estate lawyer said that TEXAS does not honor quitclaim deeds like I think they do and he wouldn't tell me what form I needed unless I become a client - he said that he charges 400-500 dollars. He also admitted that it is a very simple process and that if money was a problem, I should hire someone else because he realizes he charges a lot - but "its because he is reputable."What form is he talking about? And is this true?
deed warranty? Deed of Trust? How can something that the county clerk states I can do myself cost me 400-500 buck? I need it filed in the county that two people are on the title of this home and not just one
Answer: Quitclaim Deed: a real property deed which transfers (conveys) only that interest in the property in which the grantor (seller) has title. Commonly used in transfers of title or interests in title, quitclaims are often made to family members, divorcing spouses, or in other transactions between people well-known to each other. Quitclaim deeds are also used to clear up questions of full title when a person has a possible but unknown claim or interest in the property. Grant deeds and warranty deeds guarantee (warrant) that the grantor has full title to the property or the interest the deed states is being conveyed, but quitclaim deeds do not warrant good title.
"A quitclaim deed conveys any title, interest, or claim of the grantor in the real property, but it does not profess that the title is valid nor does it contain any warranty or covenants of title. Thus, a quitclaim deed does not establish title in the person holding the deed, but merely passes whatever interest the grantor has in the property."
Go to the county court house and have the clerk tax office explain you have to file in person and anyone can do it in person is the key...
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Trust Deed Release
November 18th, 2007
Question: Can you be on a Deed of Trust for a home and not be an Owner?
In Texas, my friend married a man that had purchased a home several years prior, with his first wife. Three years after the original purchase, be had another Deed and Deed of Trust done, releasing his ex-wife from all responsibilties for the home. About eight years later, after he and my friend were married, he told her he wanted to refinance the home and have his ex-wife removed (which we find out later had already been done) have my friend put on the home and refinance to get cheaper payments. A Deed of Trust, but no Deed were issued in both their names when they refinanced. Now they are getting a divorce and he is telling her that even though she is on the Deed of Trust, she has no ownership in the home. She has talked with three different divorce attorneys who tell her that this is possible. How could this be. My understanding was a Deed of Trust was held by a Trustee until the note is paid in full, at which time the Trustee releases the home to the borrowers, which she is.
Answer: It might help to look at it this way:
In most states, and on the most basic level, a Deed of Trust acts more like a mortgage rather than a typical/traditional "trust."
Again it depends on the state but, typically, a Deed of Trust does NOT act as a title transfer.
So, despite the fact that her name is on the Deed of Trust, the Deed of Trust doesnt act as a transfer of title, and, unfortunately, your friend likely has no ownership rights in the home.
I hope this helps!
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