Real Estate Between Friends

Little Bo-Peep and Mistress Mary were best friends.  When Bo-Peep’s sheep ran off, she sold her cottage to Mary for $100,000 in a cash deal, done quickly so Bo-Peep could go find her sheep, and Mary could plant her garden.  Silver bells and cockleshells were just coming up when Mistress Mary was served a Lis Pendens.  She was quite contrary then! What is a little real estate between friends? Since Bo-Peep had owned the place for years and they were such good friends, Mistress Mary had bought it with a Quit Claim Deed, paid cash, and not bothered with title insurance or even a title search. Turns out the lawsuit was from two owners ago; Bo Peep did not even know about the problem.  Mistress Mary had taken on the $100,000 risk at the purchase; furthermore, without title insurance, she did not have a policy to financially protect her investment.  It was such a mess not even Mother Goose could sort it out.  If only Mistress Mary had had a Warranty Deed, at least she could have sued her friend, Bo-Peep!   Do not let friendship pull the wool over your eyes.  There are certain things you can do to […] Read More

Deeds

Once upon a time there was a mayfly who wanted a piece of property, and he wanted it right away.  “I do not need one of them fancy deeds that a lawyer writes,” he said to himself.  “I will get me one of them ‘quick claim deeds,’ that is a fast deed—I can get it real fast!  Yeah, that is what I want.”  So he went off to the Internet and bought a form and filled it out and had the seller sign it—it was a Quit Claim Deed—and the seller’s liability toward the property ended right there. Mr. Mayfly had wanted to have the property not just to live there himself, but also to pass on as something of value to his heirs.  He built a house, raised a family, and died all in the same day—he had a congenital history of twenty-four hour lifecycles.  His intention, however, did not carry on very long.  In only a few short generations, it was discovered that the man who signed as the seller to the original Mr. Mayfly actually had no interest whatsoever in the property.  Oh he had taken Mayfly’s money all right, but the property was not rightfully his […] Read More