Example Of A Quit Claim Deed Completed: Fill & Download for Free

No, it is not.A trust deed is the CA (and other western states) equivalent to a mortgage.With a mortgage, the owner of the home keeps title to it and a banj needs to go to court to get title back if the owner does not pay, which is expensive and time-consuming.With a trust deed, bare legal title to the property is handed to a trustee when the loan closes. The trustee is instructed to hold the deed until one of two things happens: (1) the borrower repays the lenders; or (2) the borrower stops making payment. If #2 occurs, then the trustee is empowered to auction the property to the highest bidder via a trustee sale with the proceeds going to repay the lender. This process can be completed in months, rather than the year or more it takes to foreclose in a more traditional mortgage state.A "transfer deed" is one via which property is actually conveyed (for example, from seller to buyer). However, in CA (and, I believe, other states), the term is not really used. Instead, depending upon the warranties being offered by the grantor to the grantee, the deed you use to transfer property is called either a "grant deed" (if you are offering the normal warranties) or a "quit claim deed" (if you are not).

With the amount of time needed to save a sufficient down payment, I would advocate flipping a home for another $20K and then purchase a rental property. I would continue with this allocation and look to complete 2 flips and acquire 2 rentals every year until you can increase the numbers.In addition you may choose to make additional income via wholesaling a few properties throughout the year as well.Also, to insure substantial profits from your flips as well as solid equity positions upon purchasing your rentals, I advise purchasing the properties directly from the homeowners in preforeclosure.This method will enable you to buy homes at a 20% plus discount to their appraised value, in addition to being able to perform a home inspection prior to purchase and lastly allow you to purchase them with as little as 10% down by assuming the loan.Couple pointers:First, there will be people that state that you cannot assume the mortgage because of a due on sale clause. I have done over 100 preforeclosure deals in this specific manner over the last 25 years for myself and clients and have never once had a lender exercise the clause. I assume the mortgage by paying up the arrears and attorneys fees and change the address where the payment coupons and mortgage info are sent to. In addition I have title transferred via a quit claim deed. Although its not a true assumption of the mortgage, the persons name on the debt is not important. The lender sees it as an asset based loan and if payments are not met they foreclose. I have even assisted homeowners in obtaining a forbearance agreement, paid the down payment and even assisted with their monthly payments if needed in exchange for partial ownership and in turn they stay in the home. Then they can refinance and cash me out in 5 years or choose to sell and we take our profit split based upon percentage of ownership as outlined on the quit claim deed. I have also reinstated loans for people and then rented the home to them with a lease purchase option. I then refinance the property if they don't choose to exercise the purchase option. I always purchase properties with a partner so that I have a truly passive income stream.. I find the homes, negotiate price, schedule & review the home inspection and acquire the property. In return the partner handles the management of the home.Lastly, only buy homes that need cosmetic rehabs at most. Leave the big projects to others like the guys on Flip This House. Even with several years of experience as a general contractor and custom home builder, I stay away from large scale projects as they often have cost over runs and other time delays. I have seen too many investors find what they thought would be a great deal only to see their profits evaporate as they run into more work being needed than they'd initially thought. Even a good home inspector can't see threw walls.I like to move fast in acquiring preforeclosure properties, and I do this by doing the following: Get the leads (notice of defaults), contact the homeowners (I use postcards for cheap, fast and easy contact), sell them on a solid win win deal (remember its about finding and filling needs of others that in turn makes you successful), have a home inspection contingency in your offer & perform it quickly, acquire the property (take title** via a quit claim deed when assuming the mortgage or warranty deed at conventional closing), perform a basic cosmetic rehab (paint, carpet or other flooring, fixtures, landscaping and maintenance) , flip the home or rent it out, Repeat.** Always check chain of title, especially when acquiring a home via quit claim deed, also use an attorney to review the deal before closing.Anyone can make an additional 6 figure income within just a few years, and a million dollar net worth within 5 to 10 years by investing in real estate in addition to their regular employment by doing a combination of flips for income and rentals for wealth. Achieving true financial freedom is best achieved through cash flow producing investments that can later be converted to passive income streams. (once you've acquired a solid net worth and a positive cash flow from rentals that well exceeds monthly debt obligations you can stop doing flips, just purchase rental properties and have them as passive income by using a property management company)Keep up with your investments through proper management and always have solid capitalization by retaining proper cash reserves for each rental property & flip. In addition diversify with other cash flow producing assets like Dividend Re Investment Programs and Business Ventures. (property management ties in nicely for example and can later be put on autopilot by utilizing partnerships or installing good management) More millionaires credit real estate for their wealth accumulation than any other ventures by a wide margin, with equity investments (stocks, reits, mutual funds etc) and business ventures (self employment) following thereafter.[Need more information or exact “How To” in step by step micro detail? [email protected] ]

“A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. They are most often used to transfer property within a family. For example, when an owner gets married and wants to add a spouse's name to the title, or when the owners divorce and one spouse's name is removed from the title.”I did that when my Mom's health had become serious enough to begin planning for the inevitability of her moving into a long term care facility, or dying, not only to keep maintaining the house and having some legal say in it regarding taxes and other matters she no longer could deal with, but to protect it as a family asset.However, you cannot execute a quit claim if it's purpose is to avoid paying debts incurred from the original owner, or to escape a lien. A judge would invalidate the quit claim. The claim would have to be in effect for five years previously.In my case, I did the claim four years before she passed even though she added my name to the deed back in 2008. I knew she was going to suffer enormous medical debt at some point, and wanted to keep the property out of their grasp, so I did a quit claim.