22 Aug

A Layman’s Guide to Understanding Quitclaim Deeds

Guest Post by Jim Mckinley from MoneywithJim.org

 

Property transfer can be a tricky subject for many, but most people know that some form of real estate deed is required to convey property. One such type that is fairly common but often misunderstood is the quitclaim deed. Here’s a quick primer on this particular type of deed.

 

What is a quitclaim deed?

 

A quitclaim deed is, at its most basic explanation, a deed where one party “quits their claim” to a particular property. It is mostly used when there is no sale of a property, only a transfer. This means that most quitclaim deeds are used in situations involving people who know – or at least highly trust – each other. Some of the most common situations for the use of a quitclaim deed include the addition or removal of a spouse’s name from the title, bequeathment, and transferring property into a living trust. Quitclaim deeds are a common way to resolve property transfer during a divorce.

 

A quitclaim deed basically states the property grantor and the grantee and passes along ownership. It doesn’t do much else, for instance, make any guarantees about the grantor’s ability to transfer the property or provide any protections for the grantee should something be amiss (property dispute, problem with the title itself, etc).

 

What a quitclaim deed is not

 

A quitclaim deed is not a general warranty deed or a special warranty deed. Both of those contain warranties of title. As LegalZoom says, these warranty deeds protect the new title-holder in situations where superior title is claimed or if any sort of loss is incurred by that. Warranty deeds also stipulate that the new title-owner can legally “purchase, possess and enjoy the property in question.”

 

In other words, a warranty deed transfers title in a way that makes sure that the person doing the transferring has the full right to do so. This, in a way, legally protects the new title holder. Quitclaim deeds provide no such protection.

 

What are the dangers of a quitclaim deed?

 

In the end, the true danger of transferring property with a quitclaim deed is that it provides no legal protections to the grantee. The grantee has no recourse against the grantor. This is why quitclaim deeds are really only used among people who know and trust each other. Quitclaim deeds also do not, in any way, concern mortgage obligations. That’s an entirely separate issue.

 

Why use a quitclaim deed?

 

While quitclaim deeds do have their fair share of risks, there are benefits as well. Quitclaim deeds are quick and easy. They are so quick and easy that they don’t even have to involve an lawyer. It is also a cheap way to resolve minor problems on a title like a name change or clerical error. You can get basic quitclaim forms online, fill them out yourself, and file them for a small fee with your county (to learn more about filing a quitclaim deed, check out this resource).

 

In the end whether you use a quitclaim deed for your property needs depends on exactly what you need done, how much you know/trust the people involved, and how much protection you desire from the deed. Quitclaim deeds are cheap, easy, and relatively painless – as they only require a notary and not an attorney. Before going the quitclaim route you should research the specific requirements in your state, as they do differ from place to place.

Photo Credit: Pixabay.com

19 Jun

Colorado Off Grid Homes for sale

Sometimes, you just want to get away from it all.  So far away from it all, in fact, that you’re not even connected to the power grid.  Luckily for you, Colorado has a great selection of off grid homes for sale.  Most of these homes are far into the Rocky mountains, and run off of solar power.   I’ve been lucky enough to have clients that were eager to find an off grid house, and thus I’ve gotten to check out some pretty unique properties.

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What should you look for in off grid homes for sale?

  1. 2015-04-06 11.27.02Power Source.  If you are truly looking for a home that is “off the grid” then you won’t be connected to any main electrical lines.  This leaves you with having to use a source of alternative energy.  In Colorado that means you’re likely going to need to find a property with solar panels and a battery array.  Be sure during the home inspection process to use an inspector that is intimately familiar with how solar panels work so they can verify the system you’re about to purchase is in good working condition.
  2.  Water source.  The dream for most off-gridders is to have a running stream or a pond on their off grid property.  This can be a bit tough in Colorado since we’re limited in the amount of water we have, and water ownership laws can often be murky and confusing.  Most off grid property you will see in Colorado will have water access via a well that is electronically pumped – While there are hand pump systems you may be able to install, you must remember that the average well depth in Colorado can be several hundred feet deep – which can render hand pump systems useless as they are not able to generate the required pressure to bring the water from aquifer to surface.
  3. How far from “civilization” do you want to be?  While it’s nice to be “away from it all” on your own homestead, everyone needs groceries and supplies at some point.  You will want to consider the nearest town and how much of a commute it will take you to go to get the necessities of life.   Planning ahead is vital, as some of the properties I have shown have virtually no access to them in the winter due to deep snow fall – So you may be stuck in hibernation mode depending on how rough the terrain around your property is.  And although it might be summer, the high country can still get very wild weather (I’ve had it snow on us during camping trips in August!!)
  4.  Can you grow your own crops there?   The off grid philosophy is about being totally self sustainable – and a huge part of that is being able to produce your own nutritious food.  I am an avid gardener myself ( although I don’t grow nearly enough to be able to feed myself from it exclusively)  So be sure to consider what kind of growing season your off grid property might have.  If you’re in the mountains, the growing season will be dramatically shortened.  If you are looking for off grid homes for sale in the mountains, you may want to consider a property that has a geo dome or greenhouse which will help to extend the growing season.

If you are interested in looking for an off grid property in Colorado, let me help you!

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07 Jun

Realtors in Colorado

caleb-block-realtor-headshotColorado is one of the hottest destinations in the United States!  Have you been looking for Realtors in Colorado?  Welcome!
I am a Colorado native and I have lived in several different areas of the Colorado front range – including Boulder, Golden, Denver and Parker Colorado.  As a CU Boulder graduate I enjoyed my college days under the towering flatirons.  This is my second year in the real estate business, and already I have helped both buyers and sellers purchase homes, vacant land, and I am currently in the process of finishing my first spec (speculation) custom built house!  I love the challenge and excitement that comes with the real estate industry and I would love to assist you with your needs.  You can reach Caleb at 720 260 0977.

realtors-in-coloradoIf you are looking for horse property in Colorado, Check out my mother, Nan Galligan.  She has been a licensed realtor for over 30 years and specializes in equestrian properties.  So saddle up and set your sights west.  Contact Nan at 303 841 0692 for more information on Colorado horse properties today!

 

 

 

Let us know how we can help you with real estate in Colorado!

 

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