Real Estate – Answers to Common Questions

What is a quitclaim deed?

A quitclaim deed transfers or releases to the transferee whatever present right or interest the grantor has in the described property. Unlike a grant deed, a quitclaim deed carries with it no express or implied covenants. Thus, if the grantor holds no interest in the property, a quitclaim deed conveys nothing.

To learn this and other real estate terms, contact an O.W.D real estate lawyer. We put the easy in buying or selling a home.

What is a warranty deed?

A deed that provides that the person granting the deed agrees to defend the title from claims of others. In general, the seller is representing that they fully own the property and will stand behind this promise. The specific “warranties” vary by state.

What is eminent domain?

It is another word for condemnation – the right of the government to take private property for a public purpose, for example, to make way for a road. The Constitution requires the government to pay you fair compensation if it takes your property.

If this has happened to you contact an O.W.D real estate attorney to discuss your options BEFORE you settle with the State or Government. You could be entitled to more than they are offering.

How can I hold a title to property?

Some ways may be:

How do I get my home ready to sell?

First impressions count 100% when selling a house! It is critical that potential buyers get that good first impression. Preparing your property for sale gives you a major advantage over your competition. A little attention to important details can make all the difference to a potential buyer’s impression of your home. Thoroughly clean your home and fix minor problems. Make sure your home is presentable to any houseguest before allowing an “open house”.

How do I determine the best value for my property?

Have an appraisal done by a certified appraiser.

What are property tax allowances?

Property tax allowances form part of the Income Tax Assessment Act 1997 (ITAA 1997) and provide an opportunity for owners of income producing property to reduce their assessable income. There are a number of property tax allowances available to property owners, investors, and developers, including allowances for building structure and depreciation on plant. Property tax allowances are often simply referred to as tax depreciation.

What type of insurance do I need to buy a home?

Homeowner’s insurance is your first priority. In fact, lenders may not let you buy a home without it. It insures your property and its contents against fire, theft and other losses, depending upon coverage.

What’s the best way to decide how much to offer for a house?

Once you’ve found a house you like and have the financial resources to buy it, you must decide how much to offer. In putting together your actual offer, consider the following factors:

Does a house seller need to take the first offer that comes in?

Whether it’s the only offer, or the first of many, a seller does not have to accept your offer. If a bid is way out of the price line, the seller is likely to reject the offer on the spot. However, even very attractive offers are rarely accepted as written. More typically, the seller will respond with a written counteroffer (price change, occupancy, buyer’s sale of current house, inspections) accepting some, even possibly most, of the offer terms, but proposing certain changes.

What is a house “closing”?

A closing is the final transfer of the house to the buyer. It occurs after both the seller and the buyer have met all the terms of the contract and the deed is recorded. Closing also refers to the time when the transfer will occur. The event frequently takes place at the office of a real estate professional who handles the transaction, such as your real estate lawyer.