Easy Questions  
Free Legal Documents

Differences between Quit Claim Deeds and Warranty Deeds in Adell, WI

Differences between Quit Claim Deeds and Warranty Deeds in Adell, WI


Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.
 
- Franklin D. Roosevelt


What is a Deed?

A deed is a document that transfers ownership or conveys real estate from one party to another. A deed is different from a sales contract. A sales contract is a promise to convey property in exchange for money. A deed is not a promise to convey, it is the conveyance itself. A deed contains a legal description of the real estate being transferred. This may include the lot the property occupies in a platted subdivision. Deeds in rural areas might use meets-and-bounds descriptions of the boundaries, which identify where the property lines are in relation to landmarks.

The deed must identify who is handing over an interest in the property (the grantor) and who is accepting it (the grantee). Most counties require the deed to have the addresses of all the parties involved.


Two Types of Deeds

The legal document that transfers ownership of real estate can be a warranty deed or a quitclaim deed.

Most real estate sales transactions use a warranty deed which states that the grantor (previous owner) is the owner of the property and has the right to transfer the property to the grantee (new owner) and that there are no liens against the property from a mortgage lender, the IRS or any creditor, and that the property can't be claimed by anyone else. Title insurance provides the financial back-up to the warranty deed and requires a title search to verify that no other claims on the property are outstanding.

A quit claim deed is a simpler and lower cost conveyance often used when a property transfers ownership without being sold. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. The grantor essentially quits all claims to the property and transfers their property interest to the grantee.


When to Use a Quit Claim Deed

Quitclaim deeds are most often used to transfer property within a family. Common applications include an owner getting married and adding a spouse's name to the title, or when a couple getsd divorce and one spouse's name is removed from the title. Quit claim deeds can also be used when parents transfer property to their children, when siblings transfer property to each other, or when property is transferred to a living trust.

For a property that does not have a free and clear title, a title insurance may ask a person who may have a property interest to sign a quitclaim deedto make certain that this person doesn't make a future claim of ownership.

A quitclaim deed impacts only the ownership of the real estate and the names on the deed, not the mortgage. For example, in the case of a divorce, if both spouses' names are on the mprtgage, they are still both responsible for the loan, even if a quitclaim deed has been filed.


Filing a Quitclaim Deed

Although the rules vary by jurisdiction, but it's wise to have the deed signed by all parties in front of a notary public, copied and recorded at the county clerk's office. In general, the quit claim deed needs to include the legal description of the real estate being transferred, the date of the transfer and the names of the "grantor" and "grantee." You can check out a free preview of a quit claim deed at 1-2-Law.

 
Edit, Download, & Print a Free
Wisconsin Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
Wisconsin Living Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
 
Edit, Download, & Print a Free
Wisconsin Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
Related Legal Services near Adell, WI
Miller George E
505 S Dewey St Ste 214
Eau Claire, WI 54701
(715) 830-9982
Attorneys
Arnett Law Offices
529 S Jefferson St # 202
Green Bay, WI 54301
(920) 430-9937
General Practice Attorneys, Attorneys
Harnitz Law Office
404 N Main St
Oshkosh, WI 54901
(920) 456-9933
Corporation & Partnership Law Attorneys, Attorneys, General Practice Attorneys
Mancoske Debra
122 S Washington St
Green Bay, WI 54301
(920) 430-9909
Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Traffic Law Attorneys,  Family Law Attorn
Federal Defenders Services
801 E Walnut St
Green Bay, WI 54301
(920) 430-9900
Attorneys, Criminal Law Attorneys
Grenisen James P
1139 Tyler St
La Crosse, WI 54601
(608) 784-9777
Attorneys
Spangler, Nodolf Bruder & Klinkhammer LLC
4410 Golf Ter
Eau Claire, WI 54701
(715) 830-9771
Probate Law Attorneys,  Attorneys,  Accident & Property Damage Attorneys,  Business Law Attorneys,  
Christopher T. Froelich
125 S Quincy St
Green Bay, WI 54301
(920) 430-9640
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Pe
Field David W
204 E Grand Ave
Eau Claire, WI 54701
(715) 836-9607
Attorneys,  Divorce Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  R
Williams, Charles E
128 State St
Oshkosh, WI 54901
(920) 376-9556
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Business Law Attorneys,  Real Estate Attorn
Public Defender
205 5th Ave S # 200
La Crosse, WI 54601
(608) 785-9531
Attorneys, State Government
Pedersen & Shaha Law Firm
2050 Riverside Dr
Green Bay, WI 54301
(920) 884-9500
Attorneys, Bankruptcy Law Attorneys
Noteboom Philip L
5209 Rib Mountain Dr
Wausau, WI 54401
(715) 359-9487
General Practice Attorneys, Attorneys
Edelstein Law LLC
204 Church Ave
Oshkosh, WI 54901
(920) 376-9460
Attorneys,  Criminal Law Attorneys,  Legal Service Plans,  Civil Litigation & Trial Law Attorneys,  
Jackman Scott
2620 Stewart Ave # 314
Wausau, WI 54401
(715) 298-9445
General Practice Attorneys, Attorneys, Legal Service Plans
Wickert Gary A
801 E Walnut St
Green Bay, WI 54301
(920) 433-9425
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Legal Service Plans
Pedretti, Timothy J atty
415 S Washington St
Green Bay, WI 54301
(920) 432-9399
Attorneys,  Criminal Law Attorneys,  Divorce Attorneys,  Family Law Attorneys
Beinlich Jeffrey C
415 S Washington St
Green Bay, WI 54301
(920) 432-9399
Attorneys, Legal Service Plans
Beck Laura J
222 Cherry St
Green Bay, WI 54301
(920) 435-9393
Attorneys, Family Law Attorneys, Legal Service Plans
Hermes Michael
222 Cherry St
Green Bay, WI 54301
(920) 435-9393
Attorneys, Legal Service Plans
Metzler Timm Treleven Pahl & Beck S C
222 Cherry St
Green Bay, WI 54301
(920) 435-9393
Attorneys
Kowalkowski Frank W
318 S Washington St # 300
Green Bay, WI 54301
(920) 435-9378
Attorneys, Legal Service Plans
Rohan Thomas V
318 S Washington St # 300
Green Bay, WI 54301
(920) 435-9378
Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Business Law Attorneys,  Real Estate A
Ulatowski, Adrian T - Davis & Kuelthau
318 S Washington St # 300
Green Bay, WI 54301
(920) 435-9378
Attorneys, Legal Service Plans, Civil Litigation & Trial Law Attorneys, Business Law Attorneys, Real
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US