Tulsa Real Estate Agents | Purple Cow Rocks
Part 2 of talking about deeds. We just talked about the different types of deeds that also real estate agent needs to know about the one thing that I did not mention yet was the deed of trust and just means that a trustor is conveying real estate to a trustee for the benefit of the beneficiary there’s, the trust, trust her and trustee and beneficiary words again, there’s also a trustee’s deed, and that just it’s rusty, just as it’s pretty much their conveying real estate held in a trust to somebody else other than the trustor. So little confusing, but you’re just convenient a piece of property to a third person and then there’s transfer on a deed. There’s going to be transfer tax stamps, which is just a government, see that’s. Usually the seller has to pay when they are selling their house. I talk to real estate agent is going to have to work at a estimated cost for a seller and part of the estimated cost of what it’s going to take to sell your house or your stance, which was dancing oklahoma charges, 75, $0.75, /, $500 or dollar. Fifty per thousand I believe it is, but we have a handy little calculator that will calculate all of that for us when we’re doing it. So we’re going to talk about a little bit about alienation and really involuntary alienation. That’s when involuntary alienation is the title to somebody’s property is being transferred without the owner’s giving the okay to do so. So examples of that would be like eminent domain condemnation for closing. If you have a foreclosure because you’re not paying your mortgage or if you have to sell because you have to satisfy or pay off some type of lean, whether it be a tax lien or even a mortgage lien, and when someone dies without a will, that means they’re dying intestate without a valid will. So involuntary alienation means that the owners having to transfer the title or property without them wanting to or willingly doing so then you have possession. This is interesting, so really what adverse possession is in believe it or not, it happens, but it’s also real estate agent needs to know what it means, because it just means that someone is making a claim to a specific property and they don’t really own the property. It’s kind of funny, because, let’s just say, there’s been a vacant house for so many years and i. Think every state has different laws on the time frame. But if they have lived in this house-and they have been open about it like they are not hiding it from anybody and it’s continuous it’s their honor, always at the house, unless they, the owner, actually lives in another state and they have no idea. What’s going on I just have this vacant house sitting out there and someone is living in it for so many years without permission after they’ve lived in that house for a certain amount of time and in depending on what state you live in and I think oklahoma might be 15 years, but it can be anywhere between 5 years and as long as 30 years, depending on the state you live in. But once you hit that mark, let’s say oklahoma 16 years and you’ve been living in this house, that you do not own that you’ve been open about it. You’ve been continuous about it. We’ve had no permission that you’re not hiding it that you’re living there. That means that that 15-year mark, if no one, is taking action against you, then guess what you have interested ownership and it seems really unfair and does not seem right for something to be able to do that, and it’s kind of one of those weird laws but I tossed realestate agent needs to be aware and understand what all that means. Just because you know it happens, I know someone who was going to list the house for someone, and this was taking place and thank goodness, they did not go beyond the time frame that they were supposed to go beyond, but they had to press charges on the person and basically victim almost and it was a process, so it could come out in a tulsa real estate agents career that they might have to deal with something like that. Also. What we need to know is that when you’re selling a piece of property and somebody has died, you need to make sure that you have all the trust, information and the wheels, because you need to know exactly who is going to be legally responsible for that property during the transaction in the in the verbiage on the contract has to be very specific, especially if there’s a trust for a will involved and because it will have, let’s say they would they just can’t sign her name on the contract. They would have to sign the name like the trust of jan smith, blah blah blah. They will have to have the exact verbiage, that’s on the actual test itself. So if you know that your listing a house for client and it’s going to be a part of a will or a trust, you always need to request copies of the documentation so that you can keep it on file. Tulsa Real Estate Agents A tulsa real estate agent wants to make sure that they’re very organized when it comes to that and also check the tax records, verify every piece of information that you have and to make sure that you’re working with the right person and if someone is passing the paddlewheel, then I know an oklahoma. We have a probate system until the real estate agent will need to know that you can’t just sell a house for somebody. Let’s stay in this is happened to me. Someone’s parent passed away and there was no wheel involved-that they want me to come over and look at the property and get it ready for 15. Tulsa Real Estate Agents
Tulsa Real Estate Agents If I don’t have a will or a trust where I can legally sell that piece of property for them, then don’t do it. It’s possible estate agent will know that it’s going to have to go through the probate system, which is just a formal court like the courts, get involved and I have to be, and it could take a long time to probate can take a year or longer in order to figure out who is technically going to be responsible for the ownership of the property after someone passes, and the purpose of the probate is just to make sure that the allocation to giving them the distribution of that property is going to the right people and not to the wrong people. So the key points will go over real quick. We talked about voluntary, involuntary alienation, remember, that is when someone is losing her property, pretty much, whether it be because the government’s taking it for public use or whether there’s a tax lien and your mortgage lien you’re having to give away your property for a specific reason-and you don’t want to. We talked about the different I sodi, the general warranty, deed, general, warranty deed, be in the best deed that you want quit, claim deed being. The worst witch is not really used unless someone is going through divorce procedure and they’re, just giving her property away and the special warranty deed, the bargain and sale deed and the deed of trust and I’m. That’s it Tulsa Real Estate Agents