Real Estate Services

Real Estate Services

Whether you need a referral to a mortgage broker or need a great real estate agent to sell your home or find your dream home, we have the solutions all here for you.

Preparation of Deeds

Warranty Deeds

Warranty deeds are used all over the United States but are more common to the Midwest and Eastern states. They are very similar to grant deeds with one main exception: grant deeds contain two guarantees but warranty deeds contain three guarantees:

The grantor states that the property has not been sold to anybody else.

The grantor states that the property is not burdened by any encumbrances apart from those the seller has already told the buyer about.

More important, the grantor will warrant and defend the title against the claims of all persons. This means the grantor is guaranteeing the grantee that title is free of any defects that may affect the title, even if the defect was caused by a prior owner.

Fiduciary Deeds

When a representative for the owner is charged with conveying real estate, it is traditionally performed by the use of this type of deed. Since the representative is not the owner, they are often times unable to have the knowledge of the property to warrant the condition of title to the purchaser. Therefore, the Grantor in this type of deed states to the Grantee that they are the duly appointed and qualified representative of the owner, and that the owner has the unrestricted power to sell the property (Absolute Fee Simple) and that all of the legal proceedings leading up to the deed have empowered the representative to convey the property and that he has authority to do so. These are the only warranties made in a Fiduciary Deed. Examples include Executor’s of estates, Trustees of Living or Family Trusts and Sheriff’s Deeds from foreclosure sales

Quit Claim (Quitclaim) Deeds

Quitclaim deeds are used to convey any interest that the grantor might possess in the property. The grantor might be a legal owner or the grantor might never have formally been identified on a deed describing the property.

Quitclaims are most often used during a divorce, to deed the property from one spouse to the other. If a married person holds title to a property as sole and separate or perhaps he or she acquired the property before marriage, the spouse not in title might be asked to sign a quitclaim deed when the property is sold to a third party, just to make sure the spouse who was not on the deed does not later come back and lay claim to the property.

Other Types of Deeds

• Tax Deed. When property taxes are unpaid (the numbers of delinquent years vary from state to state), and the property is sold for the payment of back taxes, typically a tax deed is used to convey title to the buyer.
• Gift Deeds. The exchange of money or consideration is generally referred to as “love and affection,” meaning the property is transferred without payment of money. Gift deeds are generally used to transfer title among people who are related to each other.
• Deed-in-lieu of Foreclosure. Sellers who are behind in payments to the lender will sometimes negotiate with a lender to accept a Deed-in-Lieu of Foreclosure, which means the seller has deeded the property to the lender to avoid foreclosure. But the deed may still show up on a seller’s credit report.

We prepare Deeds for any of the 50 United States of America. The cost is $149.99 plus County Recorder Fees which vary by County (generally around $40.00 on average).

Promissory Note Secured by Deed of Trust

Definition of Promissory Note Secured by Real Estate

In layman’s terms, a promissory note is a simple IOU. It shows a transaction whereby one party advances money for any purpose, and the receiving party promises to repay the loan. When the purpose of the loan is to purchase or renovate real estate, a mortgage supplements the promissory note to secure the debt.

Promissory Note

Oversimplifying, a promissory note is a written promise to repay a debt. It identifies the contractual obligations of the borrower (promisor) towards the lender (promisee) in terms of the loan, such as the amount and timing of repayment, and the lender’s recourse if the loan is not paid on the due date. A promissory note is not tied to real estate. It does not of itself give the lender any interest in the borrower’s property.

Limitations

Because a promissory note is an unsecured contractual obligation to repay a loan, if the borrower defaults, the lender’s only recourse is to sue the borrower for breach of promise. If the borrower declares bankruptcy, the debt evidenced by the note is secondary to the interests of secured creditors, so that the lender receives a distribution of the bankrupt debtor’s assets only after secured creditors are paid. As borrowers typically require considerable loans to purchase or rehabilitate real estate, a lender under a mere promissory note is at huge risk should the promisor default.

Security

Lenders look to minimize risk. When they advance significant sums of money such as in a real estate transaction, they invariably seek additional security to protect themselves should the borrower not make good on his promise to repay the loan. This security takes the form of a second legal document known as a mortgage or deed of trust. The mortgage secures the property as collateral for the loan documented by the promissory note. The mortgage (or deed of trust) and the promissory note sit together and side by side. If the borrower defaults, theoretically the lender can sue the borrower under the promissory note, and sell the property under the mortgage to satisfy the loan amount. However, some states require the lender to choose his remedy.

Mortgages and Deeds of Trust

The mortgage or deed of trust creates a security interest in a piece of property. This document, and not the promissory note, gives the lender the right to foreclose on the borrower’s home. While many people think of a mortgage as a debt over their house, it neither evidences a loan transaction nor creates an obligation to repay a debt. In other words, a promissory note can exist without a mortgage, but a mortgage cannot exist without a promissory note. Sometimes the contractual promise to repay the debt and the real estate security are incorporated into a single document.

Formalities

Mortgages and deeds of trust are recorded in the register of deeds. This gives any purchaser or financier notice that the property is encumbered by a security lien. Promissory notes, creating no interest in land, are not recorded unless they incorporate the mortgage. The lender typically retains the promissory note. When the borrower pays off the loan, the lender marks the promissory note as satisfied and records a release of mortgage in the county land records.

We prepare Promissory Notes Secured by Deed of Trust for any of the 50 United States of America. The cost is $699.99 plus County Recorder Fees which vary by County (generally around $50.00 on average).

Lis Pendens

“Lis pendens” is Latin for “suit pending.” The notice of lis pendens is recorded in the county land records and then a copy is served to the borrower, along with the complaint and summons. The purpose of the notice of lis pendens is to inform the public that a lawsuit involving the property is pending. The notice of lis pendens is typically a one- or two-page document that includes the legal description of the property and states that legal action has been initiated. Generally, a lis pendens is recorded as part of an action for Quiet Title in Court.

We prepare Complaints about Quiet Title and Lis Pendens for any County in California. The cost is approximately $999.99 (In Pro Per) plus County Recorder Fees which vary by County (generally around $30.00 on average) and Court Filing Fees ($435.00).

Commercial and Residential Lease Agreements

Residential Lease Agreement

A residential lease agreement is a contract between an individual(s) tenant and the landlord to use a property for his/here living arrangement. A typical residential lease for housing includes a home, townhouse, condominium, and an apartment. The property is primarily used for a residence, not for a profit. No commercial purpose exists such as for the sale of goods, services, or manufacturing products. The consideration (rent) for the occupation of a residential rental is typically based upon a set amount per month varying from a month-to-month lease to a term of years.

We prepare Residential Lease Agreements for any County in California. The cost is approximately $299.99.

Commercial Lease Agreement

A commercial lease is a contract between a business tenant and landlord for use of commercial property to generate a profit through the sale of goods, services, or manufacture of a product. The premise is a business space not designed for sleeping and day-to-day living for the residential tenant. The commercial property typically is a warehouse, strip mall, or office space in an industrial or commercial building. The consideration (rent) is typically based on the amount of square footage occupied by the tenant plus, in some instances, a percentage of the gross received by the tenant. The term of the lease is typically for a set number of years whereupon near the end of the term, the tenant has an option to renew for another set term.

We prepare Commercial Lease Agreements for any County in California. The cost is approximately $499.99.

Call us today to custom draft your bullet proof Residential or Commercial Lease Agreement.