Real property issues can be simple or complex. The attorneys of Olsen Skoubye & Nielson LLC have the experience to help you with all of your real estate needs, from transactions to litigation.
Real Property Transfers and Interests
Transfers of real property include both sales and gifts. Simple gifting of real property may include only the preparation of a deed. Deeds can be done in a number of forms including warranty deeds, special warranty deeds, and quit claim deeds. Though the preparation of a deed may seem simple, the type of deed used can have signficiant impacts. Other interests in real estate can also be conveyed including trust deeds and leasehold interests. In addition, contracts for sale of real property are often necessary before a sale of land is consumated to set forth the entirety and nature of the transaction.
Warranty Deeds
A warranty deed provides a warranty from he grantor to the grantee that the grantor has clear title to the property being transferred. This type of deed is commonly used in sales transactions since the buyer of the real estate usually requires the guarantee of clear title. It is much less common to use a warranty deed in gift transactions, though it is quite common to use a warranty deed to transfer title to a trust for estate planning purposes. One of the reasons for this is that a warranty deed provides the right to sue the grantor on the warranty if the title is not clear, and the grantor may have a claim aginst a title insurance company. Other types of transfers (quit claim or special warranty) will cut off some or all of the claims against a former title insurance policy on the property.
Special Warranty Deed
A special warranty deed is a deed that guarantees that the grantor has done nothing to cloud the title but does not give any warranty otherwise. This is often used in commercial transactions when the buyer is not relying on the seller with respect to the clear title but is obtaining the guarantee of title insurance to protect the investment.
Quit Claim Deed
A quit claim deed is a deed that states that whatever the grantor has in the property is being conveyed, but that the grantor is not guaranteeing that they have an interest in the property at all. These are very common in gift transactions where no money is changing hands or in situations where the parties are attempting to clear up boundaries or ownership in disputed properties.
Trust Deeds
Trust deeds are security instruments that provide the beneficiary a security interest in the real estate upon default of the borrower on a loan. Upon default, the beneficiary must pursue a foreclosure of the trust deed in order to exercise its rights over the secured property. Most securities in real property are handled by trust deeds, though in common discussion they are referred to as a mortgage.
Real Estate Purchase Contracts
Utah has a Uniform Real Estate Purchase Contract that is primarily used by real estate agents for residential sales. This contract is quite good for these purposes. However, in the commercial real estate environment, a tailored commercial real estate purchase contract drafted by a qualified attorney is usually a must. These contracts will cover multiple issues, including proration and allocation of expenses, due diligence periods, title insurance, clear title issues, and seller financing issues, just to name a few. They will be as simple or as complicated as the underlying transaction itself.
Real Estate Litigation
Real estate litigation can occur when a party to a real estate transaction breaches the agreement or when a dispute regarding ownership or boundary issues arise. These lawsuits can include breach of contract, specific performance, adverse posession, contribution, trespass, quit title, and much more.
