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A quitclaim deed transfers interest in a property.
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Filing a quitclaim deed removes your name from the title to a piece of real estate and transfers your interest to a spouse, child, partner or another person whose name remains on the title. Quitclaiming is commonly used to transfer property during a divorce settlement, removing one spouse from the deed and putting the title solely in the name of the person who is retaining the family home. If you choose to quitclaim a property, you lose all rights to the property but aren't released from any related financial obligations.
Quitclaim Basics
A quitclaim deed is a legal document that releases a person’s interest in a particular piece of property, and it becomes effective as soon as you sign it. Once you sign a quitclaim, you no longer have the right to use the property and won't receive any of the proceeds if the property is
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If, for example, your spouse is granted the house in your divorce, the court can require you to surrender your ownership by signing a quitclaim deed. If the court orders you to do so and you refuse, the court can find you in contempt and jail you until you agree to sign the quitclaim. If you still refuse, the court may issue a judgment that acts in lieu of a signed quitclaim deed.
Mortgages and Liens
You can surrender your rights to a property, but you can't erase your obligations to it. Signing a quitclaim deed does not remove your financial obligation to pay an existing mortgage or any other liens, such as those for construction, that are already on the property. Even after you surrender ownership, your original contract for the mortgage and other debts remain in force. The bank retains all of the lender’s original rights, including the right to pursue you for the debt and the right to foreclose on the property if you don’t make the payments, whether or not your name is on the deed.
Collateral for the defaulted loan. Distressed real estate involves making a distressed purchase. According to Financial Crisis (2011), “[A] distressed purchase is whereby the property owners are usually in a foreclosure/short sale situation.” Foreclosure applies to a residential real estate loan in which a bank or creditor repossesses a home because of nonpayment. The institution will legally possess the right to resell the property as collateral for the defaulted loan. The selling price can be sold at a price equal to or greater than the original loan. The reason distressed properties can be bought at a lower price is the institution has already received a series of payments toward the original home loan. In many situations the lender can sell the house for a lower cost than the normal market value, leaving the buyer the opportunity to make a purchase at a lower selling price than market value and reselling the property at a profit (Demand Media, 2011).
The Homestead Steel Strike occurred in June of 1892. The strike took place in Homestead Pennsylvania and involved the Carnegie Steel Company and the Amalgamated Association of Iron and Steen Workers (the AA). The Leader of Carnegie Steel Company was Mr. Andrew Carnegie. His company produced such cheep materials that creations like bridges and skyscrapers were not only feasible but affordable. He was creating a revolutionary period for steel and iron factories. The Amalgamated Association was an American labor union formed in 1876 to represent iron and steel workers. They were a new type of union for the time period and they planned on making great movements to help their workers. While in the beginning, the relationship
For the decades before the current housing crisis, buying homes and loaning money was a simple, but strict, affair and had had two outcomes. Either the borrower could pay back the money owed or they could not pay the money back. If the borrower could pay the money back, they could keep their house or whatever they took out the loan for. If they could not pay the money back, the lenders repossess the things that were not paid for. When this happens with a house, it is called foreclosure.
Jumping handcuffed from a third-story window at the Fulton County Pretrial Services in Atlanta, the man who leaped from the window fell head first and died. The 22-year-old man, Tyquan Devoun Richard was going to enter a drug intervention program at the Fulton County Superior Court at 10am when criminal law arrest him for a weapons charge.
“Give me your tired, your poor, your huddled masses yearning to breathe free…” Though the immigrants to Ellis Island could not see Emma Lazarus’ “The New Colossus” within the base of the Statue of Liberty, “tired” and “poor” were overwhelming applicable to the desperate souls seeking new life in America. While Ellis Island has a reputation in popular culture for being the “processing center” for all those seeking to enter America on the East Coast, the sad truth is that primarily only steerage passengers who could just barely afford their ticket were the ones waiting in line at Ellis Island to gain admission into the United States. For those who could afford a luxury ticket, the immigration authorities boarded ships for them, and once given the all-clear, were then proceeded to be dropped off at New York.
The Indian Removal Act, a bill that, if passed, will evict all Cherokee people from their homes, should not be passed, because the government has no right to strip these people of their land and force them to move. The Native Americans should not be removed from their current place of residence. As Americans, a lot of these native people have taken up American ways, some even converting to Christianity. They are true-blooded Americans in every sense of the word. If the government takes away their land, then they contradict the Declaration of Independence, proving that all men are not created equal.
On May 20th of 1862, President Abraham Lincoln signed, and put into effect, the Homestead Act of 1862. The Homestead Act opened up more than half a million square miles in the Western half the the United States during the Civil War. The Homestead Act was a major turning point in American History. It was a huge milestone for American history because its consequences included implications during the Civil War, but also paved the way for westward expansion within the United States.
Have you ever mused on your past and realized how much you've grown? It's fascinating how we change over time to become better, or worse. Tom Sawyer experienced the same growth, we as the readers are able to see and connect to Tom Sawyer as he grows.
If the landowner outright refuses to sell the land, the government will go before the court and attempt to prove that it offered a fair price for the property and it is taking the land for public use. The landowner can dispute this and present their own evidence. It will then be up to a judge or jury to decide the case.[10][11]
What is forfeiture? A basic definition of forfeiture can be found nearly anywhere on the internet, including this one from Merriam-Webster, “the loss of property or money because of a breach of a legal obligation.” According to the Federal Bureau of Investigation’s website, there are two types of forfeiture, that of criminal and of civil. Criminal forfeiture typically happens after a criminal has already been charged with something after going through a legal process. They will have to give notice to the criminal, and then upon conviction, the government has rights to seize the assets in question from the offender ("Forfeiture."). It is essentially used as a form of punishment for committing a crime ("Forfeiture.").
After the Civil War ended between the North and South there were many questions left to be answered. Likely one of the biggest questions looming over people was what would happen to the Southern states that had rebelled against the North? People had many different opinions on how reconstruction should go and how harshly the South should be punished, if even punished at all. Some people like William Grosvenor felt that consequences for the South should be severe (Dudley 7). Mr. Grosvenor was an abolitionist pre-Civil War and went on to be a commander of one of the original African American units of soldiers during the war (Dudley 7). Plenty of grudge holding Northerners had the same opinion as William Grosvenor, but some felt that the South
According to Kroger (2007) Foreclosures are set in their values and commitments that they learned from their parents and family without any attempts to find a different path (p. 64). Mary Ann has been immersed in her family of males since the age of three. They were farmers in Georgia, and they were farmers in Minnesota. Mary Ann was taught about hard farm labor, poor hygiene, and sex by her father and brothers. Being a little girl with no mother around a pack of men, her father and four older brothers, she only knew the farmer 's life and the ways of men. She’s dreamt about doing other things with her life and pursuing better things than the four walls of that pink and purple mobile home she’s grown up in and continues to live in currently, but because she is so set in her identity she refuses to change. When Guy offered to help Mary Ann move away from Flatwater and the awful job at the potato factory, for a mere moment excitement danced across her eyes but then she pulled herself back in and adamantly refused help, stating she moved around too much as a child and would never move her children, not even once, despite it meaning a possible better life and future for them. Guy then offered to give her money to buy a better home there in Flatwater, again she refuses, even when he offers it as a loan for her to payback. She screams at
The document Declaration of Independence signed July 4, the year 1776 and written by one of the country’s ancestors Thomas Jefferson. It was a time in history that declared independence a manuscript written for this occasion which introduces five separate sections that include the introduction which states it is vital to take action on Britain for the colonies.
Utilitarianism is a moral theory that approaches moral questions of right and wrong by considering the actual consequences of a variety of possible actions. These consequences are generally those that either positively or negatively affect other living beings. If there are both good and bad actual consequences of a particular action, the moral individual must weigh the good against the bad and go with the action that will produce the most good for the most amount of people. If the individual finds that there are only bad consequences, then she must go with the behavior that causes the least amount of bad consequences to the least amount of people. There are many different methods for calculating the utility of each moral decision and coming up with the best
A mortgage is a form of debt, secured by the warranty of a specific real estate property. The borrower is required to pay back the debt in predetermined payments. The most common reason for acquiring a mortgage is to purchase real estate when it cannot be paid for up front. The homebuyer, in a residential mortgage, pledges their home to the bank. Over a period of years, the borrower pays back the loan with interest. Once the mortgage is paid in entirety, the owner retains the property free of any charges. However, in case of foreclosure, the bank has an entitlement on the house, as a form of insurance should the buyer default on repaying the mortgage. The bank can then sell the house, and use the capital to pay back the remaining mortgage.