Here’s a cool video that teaches people about real estate vocabulary.  What is a letter of intent?  It is basically a letter to express interest in a property, but does not serve as a sales contract.  They are basically contracts that express good faith, but cannot be used in courts assuming something goes wrong.  It is a step ahead of a verbal agreement but one step behind a real written contract.

It is usually used in many cases such that a real estate agent is not used and the principals are trying to hash out details of a larger commercial property.  Often this document is generated with the help of a lawyer in a real estate acquisitions team.

This is part one of our ongoing series: All About Property Transfers.

A Quit Claim Deed is basically a method to transfer real property without any type of warranty.  Usually quit claim deeds are used to transfer real estate to heirs at no cost, or some other type of no cost structure, such as divorce settlements and so forth.  Another situation one may use such a deed is for a spouse to disclaim his/her interests that the other spouse owns.  One can also use quit claim deeds to transfer property to one’s corporate entity like an LLC.  Usually, depending on the jurisdiction, the assessor’s office will only charge a small fee for such recording.  For convenience sake, many companies offer forms for sale, so one doesn’t have to avoid costly attorney fees to settle such transactions.

For more information about quit claim deeds and property transfers, please continue to check out UrbanPropertyInvestor.com for the latest in property investment news and resources.