Simple Real Estate Definitions : Quitclaim Deed

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Posted on in Consumer Education

Simple Real Estate Definitions : Quitclaim Deed

By its most common definition, a quitclaim deed is a document by which one person passes legal and financial ownership of a home to another person. It’s also a way for an owner of a home to remove himself from the title to the property. Often misspelled as “quick claim deed” or “quit claim deed”, quitclaim deeds have a multitude of applications, including: Assigning a home to a trust or entity Adding a partner to title after marriage Removing a partner from title after divorce In order to quitclaim a property, the grantor must have the legal right to assign the property to a grantee, or else the quitclaim deed is worthless.  For example, you can’t quitclaim your interest in City Hall to your neighbor because you don’t actually own City Hall.  This is where quitclaim deeds vary from warranty deeds (or grant deeds) — the types of transfers that occur when real estate is sold.  In instances of the former, the title […]

by jberman
Posted on in Mortgage Rates

What’s Ahead For Mortgage Rates This Week : September 8, 2009

Mortgage markets improved slightly last week overall, but closed out the week much worse from the best levels of the week. On Wednesday, briefly, mortgage rates touched an 8-week low.  Following that, mortgage rates began to climb and stayed on an upward trajectory clear through Friday’s closing. Rate shoppers suffered, realizing a 0.250 percent rise in rates — roughly $32 per month per $200,000 borrowed. The biggest story of last week was the U.S. jobs report.  It showed the Unemployment Rate climbing to 9.7 percent and a loss of 216,000 jobs nationwide.  Neither figure was a surprise, per se, but Wall Street had visions of a stronger showing.  Investors want to see strength in housing and employment and, for now, they’re only getting the former.  And so long as the U.S. economic future is unclear, mortgage rates will remain unpredictable. This week, there isn’t much news, but there are some stories to keep an eye on: The Fed’s regional economic summary releases Wednesday. Strength […]

by jberman
Posted on in General

Weekly Twitter Digest for 2009-09-06

Colorado Division of RE has inactivated 4,560 licenses as of August 31, 2009. Ouch! Is there anyone left? # RT: @jenflycolorado: One-of-a-Kind Recycled Home Decor http://ow.ly/nVvM (Love green ideas!) in reply to jenflycolorado # @AllRegs AllRegs screams IT 1.0. Been trying to unsubscribe from eblasts for two weeks. IE only web site, antiquated email mgmt. Meh. in reply to AllRegs #

by jberman
Posted on in Housing Market

Why Home Prices Are Almost Certain To Rise This Fall

In what’s becoming a regular occurrence, housing data blew away economists expectations Tuesday. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 6th consecutive monthly gain in July. After a meteoric rise that started in January, the index is now at its highest levels in more than 2 years. A “pending home sale” is a home that is under contract to sell, but not yet closed.  It’s not the same as an actual home sold, but data shows that nearly 80% of homes under contract close within 2 months and many more close in months 3 and 4. Home buyers — take note.  When the Pending Home Sales Index is rising, it means that market activity has picked up.  This can lead to any one, or a combination, of the following: Multiple-offer situations Reduced negotiation leverage over sellers Higher home sale prices with fewer concessions So, consider yourself alerted.  If you’re buying a home in […]

by jberman
Posted on in Housing Market

Another Sign Of Economic Recovery : Consumer Sentiment Rising

In a bit of good news for the economy, Consumer Sentiment fell to 4-month lows in August.  The drop wasn’t “good news”, per se, but because it wasn’t nearly as large as economists expected, Wall Street cheered it.  The index, jointly published by the University of Michigan and Reuters, measures how Americans feel about their situation today, and how they envision it six months in the future. Since bottoming 5 months ago, consumer sentiment has added more than 10 points.  Rising Consumer Sentiment figures can foreshadow economic growth because confident consumers are more apt to spend money on big-ticket items including appliances, automobiles, and, of course, new homes.   The recent run of sentiment data is one more reason to believe a full economic recovery is underway. That said, the Consumer Sentiment survey has its flaws. For one, the survey’s sample set includes just 500 households nationwide and that’s not a true cross-section of America. And second, just because people feel more confident about their […]

by jberman
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