29 Sep 2012
A quitclaim deed is a type of deed that contains no covenants or warranties with respect to title. When a grantor conveys a quit claim deed to a grantee they are conveying whatever interest they actually possess, if any, at the time the transfer occurs. Simply stated this means that the grantor does not actually guarantee that he owns the property at the time of the transfer or that he even owns title free and clear of any liens or encumbrances. As a result, the quit claim deed offers no legal recourse to a grantee to recover losses from a grantor.
Quitclaim deeds are rarely used in arms-length transfers and are most commonly used to transfer property between family members or related corporate entities.
It is a common misconception, even among attorneys, that foreign nationals need to physically come to the United States to have their signatures notarized. That, however, is simply not the case.
Documents, such as a power of attorney or affidavit, are notarized in the jurisdiction where they are physically signed rather than where the document will ultimately be used. For example, a New York power of attorney may be signed and notarized in New Jersey by a New Jersey notary and utilized for a closing in New York. Similarly, consular officials at any U.S. embassy or consulate abroad can provide notary service for documents that are to be used in the United States.
You can check the U.S. Embassy website for the location of the nearest consulate office near you or you can read the frequently asked questions from the U.S. state department on notarial services abroad for more information.
09 Nov 2011
Real estate attorney Marc Fitapelli was recently quoted in the November 2011 edition of the Real Deal Magazine. The story, “The Myth of the All Cash Buyer,” deals with the misconception in the media and among certain real estate professionals that foreign nationals who purchase real estate in New York are always “all cash” buyers.Marc Fitapelli also published an article in the November 2011 issue of Scotsman’s Guide, called “Ten Lease Issues That Can Kill a Deal.” The article discusses how tenant lease issues may impact an owner’s ability to secure financing.