12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Differences between Quit Claim Deeds and Warranty Deeds in Melrose, MA

Differences between Quit Claim Deeds and Warranty Deeds in Melrose, MA


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


A deed is a document that transfers ownership or conveys real estate from one party to another. The legal document that transfers ownership of real estate can be a warranty deed or a quitclaim deed.

How is a Deed 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 MA Last Will Create 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 MA Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Melrose, MA
Glynn Thomas M
114 W Foster St
Melrose, MA 02176
(781) 665-9955
Attorneys
Ventola Julie A
114 W Foster St
Melrose, MA 02176
(781) 662-9944
Attorneys
Troy Paul M
1 W Foster St # 2
Melrose, MA 02176
(781) 665-9600
Attorneys
Ceruolo David
403 Franklin St
Melrose, MA 02176
(781) 662-9200
Attorneys
Erb Kevin J
20 W Emerson St
Melrose, MA 02176
(781) 662-8400
Attorneys
Fitzgerald Barry C
441 Main St
Melrose, MA 02176
(877) 665-8389
Attorneys
Mahnken Mark F
49 Myrtle St
Melrose, MA 02176
(781) 662-8224
Attorneys
Frederick Cefalo
340 Main St
Melrose, MA 02176
(781) 662-8102
General Practice Attorneys, Attorneys
Lerman & McCarthy
101 Washington St
Melrose, MA 02176
(781) 662-6301
Attorneys, General Practice Attorneys
Belmonte Peter A
15 Glendower Rd
Melrose, MA 02176
(781) 662-5755
Attorneys
Malinowski Adam J
114 W Foster St
Melrose, MA 02176
(781) 662-5500
Attorneys
Campbell Matthew
114 W Foster St
Melrose, MA 02176
(781) 662-2929
Attorneys
Mc Nelis Brian
630 Main St
Melrose, MA 02176
(781) 662-2813
Attorneys
O'Donnell William P
20 W Emerson St
Melrose, MA 02176
(781) 665-2340
Attorneys
Gill Jr Charles E
608 Main St
Melrose, MA 02176
(781) 665-1888
Attorneys
Fish & Company LLP
50 Tremont St
Melrose, MA 02176
(781) 662-1505
Attorneys
Sullivan and Clark
106 W Foster ST
Melrose, MA 02176
(781) 665-1446
Attorneys, General Practice Attorneys
Killam & Cinella
1 Kimball Ct
Melrose, MA 02176
(781) 665-1000
General Practice Attorneys, Attorneys
John Martino and John Tramontozzi
616 Main St
Melrose, MA 02176
(781) 662-0900
Personal Injury Law Attorneys, Construction Law Attorneys, Traffic Law Attorneys
Moran Law Offices
31 Essex St
Melrose, MA 02176
(781) 620-0770
General Practice Attorneys, Attorneys
Moucharite Michelle
1 W Foster ST
Melrose, MA 02176
(781) 665-0092
General Practice Attorneys, Attorneys
Guthro Marybeth
608 Main St
Melrose, MA 02176
(781) 662-0065
General Practice Attorneys, Attorneys
Guthro David E & Marybeth
608 Main St
Melrose, MA 02176
(781) 662-0065
Attorneys, General Practice Attorneys
Morana Law Office
403 Franklin Street
Melrose, MA 02176
(978) 607-0033
Elder Law Attorneys, Estate Planning, Probate, & Living Trusts
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US