What is the difference between a quitclaim deed and a statutory warranty deed? Let’s take a look at what the law says about these two types of deeds.
Quitclaim deed—Form and effect.
Quitclaim deeds may be in substance in the following form:
The grantor (here insert the name or names and place of residence), for and in consideration of (here insert consideration) conveys and quitclaims to (here insert grantee’s name or names) all interest in the following described real estate (here insert description), situated in the county of . . . . . ., state of Washington. Dated this . . . . day of . . . . . ., (year) . . . .
Every deed in substance in the above form, when otherwise duly executed, shall be deemed and held a good and sufficient conveyance, release and quitclaim to the grantee, his or her heirs and assigns in fee of all the then existing legal and equitable rights of the grantor in the premises therein described, but shall not extend to the after acquired title unless words are added expressing such intention.
Warranty deed—Form and effect.
Agreements as to status.
James Robert Deal
Real Estate Attorney
Real Estate Managing Broker
Reverse Mortgage Attorney
PO Box 2276 Lynnwood WA 98036
KW Everett Office Line: 425-212-2007
Flat fee payable at closing
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- The FHA reverse mortgage is a powerful retirement tool. • If you are 62 years or older and have around 50% equity in your home, you can take out an FHA reverse mortgage that will greatly reduce your house payment. Because you have so much equity in your home, your only mandatory payment is the taxes, insurance, and maintenance. Interest payments are optional. • The property must be your personal residence. • The FHA reverse mortgage has had rule changes: Now the spouse under 62 remains on title and will inherit the low payments. • Gay couples now qualify. • It is a line of credit that cannot be cancelled or reduced in size, but instead grows every year. • On a home worth $970k, the borrower can access as much as $485k. Or the borrower can buy a home worth $970k by paying $485k down. Jumbo reverse mortgages lend up to $2 million. • Property values in most areas go up faster than interest will accumulate, so when both partners have died, there will usually be more equity in the property than at the beginning. • If you sell your home and buy a new one, you can move the mortgage to the new home with most fees waived. • In the unlikely event that accumulated interest exceeds property value inflation, the surving heirs can refinance and keep the property for 95% of appraised value. • If the family wants to retain the property after the borrowers have died, they should have an exit strategy. Wills should leave the property to enough heirs so that there will be sufficient income to qualify for a refinance. • Read more at https://reversemortgageattorney.us/introduction-to-reverse-mortgages/
Emelyn Deal is a loan officer with Magnolia Bank specializing in the FHA reverse mortgage.
South Everett Home with Gazebo on Back Deck — 11232 3rd Ave SE Everett WA 98208 — Listing Number 1715196 — https://www.WashingtonAttorneyBroker.com/Gazebo
I am James Robert Deal, reverse mortgage lawyer. I am registered with the NMLA, the National Mortgage Licensing System. My NMLS number is 64871. I...
The James Robert Deal NewZ January 18, 2021 www.JamesRobertDeal.org/JR-Deal-NewZ-1-18-2021 SMART METERS TESTIMONY TO SNOHOMISH PUD...
James Robert Deal, real estate attorney and real estate broker. Flat fee payable at closing. Helping buyers, sellers, and brokers. 425-774-6611.
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If you do not have enough income to qualify to buy a home, join together with several others. But a larger home, big enough for several families. With multiple incomes you can qualify. If you want privacy you can jointly buy a tri-plex or a four-plex. These can be bought with an FHA loan with only 3.5% down.
The James Robert Deal NewZ. July 19, 2020.
I am a real estate transactional attorney. There is no charge for inquiries by phone or email. I can often quote a flat fee payable at closing.
The Dodd Frank Act restricted seller financing. It made due-on-sale clauses enforceable. However, lenders generally do not require payoff as long as the buyer pays the payments.
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