Easy Questions  
Free Legal Documents

Differences between Quit Claim Deeds and Warranty Deeds in Atomic City, ID

Differences between Quit Claim Deeds and Warranty Deeds in Atomic City, ID


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.

 
Personalize & Print a Free ID Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free ID Living Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Atomic City, ID
Redal & Redal Law Offices
5431 N Government Way # 101A
Coeur D Alene, ID 83815
(208) 676-9999
Attorneys,  Criminal Law Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorneys,  Family
The Simaytis Law Office, P.C.
315 W Dalton Ave
Coeur D Alene, ID 83815
(208) 772-9700
Attorneys, General Practice Attorneys, Legal Service Plans
Mesenbrink Law Offices Inc.
5431 N Government Way
Coeur D Alene, ID 83815
(208) 676-8200
Attorneys, General Practice Attorneys, Legal Service Plans
Dean Jr Charles R
320 E Neider Ave # 103
Coeur D Alene, ID 83815
(208) 664-7794
Attorneys, Legal Service Plans
Mattison Law Offices P
402 W Canfield Ave # 2
Coeur D Alene, ID 83815
(208) 667-7621
Attorneys
Bistline Arthur M
5431 N Government Way # 101B
Coeur D Alene, ID 83815
(208) 665-7270
Attorneys, Legal Service Plans
Briseno Law Offices
100 E Neider Ave # C
Coeur D Alene, ID 83815
(208) 665-7080
Attorneys, Family Law Attorneys, General Practice Attorneys
US Attorney
6450 N Mineral Dr Ste 230
Coeur D Alene, ID 83815
(208) 667-6568
Attorneys
Bankruptcy Clinic
564 Prairie Ave
Dalton Gardens, ID 83815
(208) 704-6414
Bankruptcy Law Attorneys, Bankruptcy Services
Jacquot Law PLLC -
7671 N. 4th St.
Dalton Gardens, ID 83815
(208) 209-6399
Family Law Attorneys, Estate Planning, Probate, & Living Trusts, Immigration Law Attorneys, Consumer
Purviance Larry D
5920 N Government Way # 4
Dalton Gardens, ID 83815
(208) 635-5389
Attorneys, Legal Service Plans
Simpson Brian J
320 E Neider Ave
Coeur D Alene, ID 83815
(208) 765-5126
Attorneys, Legal Service Plans
Holt Law Office
1322 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 664-5011
Attorneys, General Practice Attorneys
S L Start & Assoc
280 W Prairie Ave # 4
Coeur D Alene, ID 83815
(208) 772-4639
Attorneys, Legal Service Plans
Bendell Law, PLLC
842 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 665-4600
Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Personal Injury Law Attorneys
Grupp Matthew
842 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 665-4600
Attorneys, General Practice Attorneys, Legal Service Plans
Amberson Tom
100 E Neider Ave # B
Coeur D Alene, ID 83815
(208) 292-4014
Attorneys
Burke-Love Muriel M
100 E Neider Ave
Coeur D Alene, ID 83815
(208) 209-3940
Attorneys
Holt Kevin P
1322 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 667-3400
Attorneys
Wetzel Dana L R
1322 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 667-3400
Attorneys
Attorney James Bendell
842 W Kathleen Ave
Coeur D Alene, ID 83815
(208) 228-0191
Attorneys, Elder Law Attorneys, Estate Planning Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US