A deed is generally used to transfer the ownership of real estate property. There are different types of deed and their usage varies with the type of transaction. Mainly three kinds of deeds are mostly preferred in the US. These are given below.
1. Warranty deed:
A Warranty deed is used when someone is selling or buying a property. This deed assures that the title is free from any kind of liens. It confirms that the seller owns the property and has the right to sell it.
2. Grant deed:
This deed is used in some states for selling or buying a real estate property. To use a Grant deed, the property must be clear from any kind of claims.
3. Quitclaim deed:
Such a type of deed is mostly used for transfer of property amongst family members. Here the grantor or the owner quits his interest of the property and transfers it to the grantee. But this deed does not assure you that the title is clear from lien.
All these deeds need to be notarized and recorded in the County Recorder’s office asap to make these valid. If you don’t do this, the deed will not be considered as a valid one and you may have to face serious problems.
[tags]deed, warranty deed, grant deed, quitclaim deed[/tags]
Hi,
The finance sector is where things change fast and everyday we come across some new changes being implemented.
So, while you enjoy the weekend, take a sneak peak into the top 4 finance news/stories shared on the web.
- $145 Billion In Tax Relief: The President wants the Congress to take steps that would focus on offering tax relief to distressed families to encourage business incentives. The purpose is to create about 500,000 new jobs and avoid economic turn-down.
- Credit Card Data on 650,000 Customers Lost: Personal information including Social security numbers of around 650,000 credit card customers of J.C Penny are lost on account of a computer tape that’s missing.
- Where the Fed’s Mortgage Fix Falls Short: Philip van Doorn shares his views on the FED’s proposal for amending the Truth –in-Lending Laws ands it’s possible pros and cons.
- Recession near - or already here: Fortune Magazine’s Poll reveals - More than 3 in 4 Americans say that US economy is already in recession or most likely to be in 2008.
Happy weekend !
[tags]finance news, tax relief, economic recession[/tags]
Hi all,
I’m little late for the New Year wishes but anyway…here’s wishing you all a Happy and Prosperous New Year.
It’s the time when we need to think about filing our tax returns – that’s a big task and I’m already prepared this time…Guess what helped me? Well, a few days prior to the end of 2007, I came across Jessica’s Tips on How to get tax benefits this year.
Jessica is one of our community members and her contribution towards helping people have been immense. Well, in her coverage on Tax Tips, she speaks about 34 ways of getting deductions or tax credits. Such tips do help us in saving thousands of dollars in taxes and it’s easier for us to invest the money somewhere else and get suitable returns.
Interested to know how you too can save in taxes? Just go through what Jessica says in 34 Tax Tips to Boost your Savings .
[tags]tax savings, tax deductions, tax credit[/tags]
US Senate has taken a great step recently by approving the Mortgage Tax Relief. Thousands of American families are facing financial problems due to the sub prime mortgage crisis. In this financial crisis, the homeowners first default and then lose their dream home. They even try to reduce their debt by working out with the lenders but then hit with huge tax bills due to the forgiven debt. So the US Senate has outstretched their helping hand by relieving them from at least the mortgage taxes.
If a lender forgives the debt of a home-owner, the forgiven debt is usually considered as income of the homeowner and he has to pay tax on that forgiven debt. But now the homeowners need not to pay tax on that forgiven debt as the Senate has approved the Mortgage Tax Relief bill. The bill also extends a provision allowing the homeowners to deduct mortgage insurance payments from their taxable income.
The U.S. Senate approved a bill on Friday, 14th December 2007, in order to make it easier for thousands of homeowners with inflated interest rates to refinance into federally insured loans and help them save their home from foreclosure.
About 2 – 2.5 million adjustable rate mortgages are scheduled for a reset in the coming year and many borrowers might even lose their homes due to the high interest rates. The Senate’s proposed plan will be a blessing for these “distressed homeowners”.
Under this Senate bill, the down payment required for FHA loans will be lowered down to 1.5% from the current 3%. It will also raise the maximum mortgage amount that FHA can insure in high housing cost areas like California from the current $ 362,790 to $ 417,000.
The economic fallout as a result of increasing foreclosures has been a concern for most of the political leaders and the Senate vote supporting this bill was a reflection of this concern. In spite of several oppositions, the bill was approved with an ultimate aim to improve the present economic scenario. This is truly one of the best Christmas gifts for all the homeowners.
The mortgage industry has a lot to offer in terms of financing options, special programs for first time buyers and down payment assistance. But borrowers are often confused when it comes to choosing the right mortgage for their needs.
There are financial tools using which borrowers can calculate and compare payments before deciding to opt for a loan program. Even then, they fail to figure out which is the right offer for them. Often they are lured by the low initial rate charged by an ARM and then when it resets, they’re simply not prepared to cope up with rising payments. That’s when they decide to refinance again to an ARM or most often to a long term FRM.
What I find is, most people can hardly decide between an FRM and an ARM. They are confused as to whether they’ll go for 30 year fixed rate mortgage or opt for a 5/1 year ARM. To help borrowers decide between an FRM and ARM, Rick Pelleriti, our community member and a mortgage planner and real estate broker, has come up with a white paper consisting of simple calculations on which is better – taking a 30 year FRM or a 5/1 year ARM and then refinancing it almost 6 times.
Have a look at the white paper and you’ll come to know simple calculations that can make a difference in your decision and hence give you financial peace and happiness.
[tags]30 year frm, 5 year arm, frm vs arm[/tags]
With the hike in the interest rates on Adjustable rate mortgage, Foreclosure becomes a daily phenomenon in the US finance market. When one goes through the foreclosure, it becomes very difficult for him to improve his credit score. It does not only drop the credit score by 300 points but it is also shown on the credit report for 10 years. So it is very tough to get approve for another mortgage within two years after one has gone through the foreclosure process.
Deed in lieu of foreclosure is one of the smarter ways to avoid foreclosure. If you are having problem regarding your mortgage payments, you should talk to the lender and let him know about your financial hardship and he may find out some solutions for you- like mortgage modification, forbearance etc. If you cannot afford any of these options, you can go for Deed in lieu of foreclosure. Deed in Lieu affects your credit lesser than foreclosure. It will drop your credit score only by 80 to 100 points. And if the sale price is lesser than what you owe to the lender, you need not pay for the deficiency. It will be exempted and that is the biggest advantage of Deed in lieu over Foreclosure.
