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 Zip Code 04105

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 04105


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 ME 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 ME 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 Zip Code 04105
Fenley Law Offices
16 E Ramsdell Rd
Falmouth, ME 04105
(518) 374-9538
Attorneys, General Practice Attorneys
Smith Cheryl & Russell
69 Rockaway Rd
Falmouth, ME 04105
(207) 518-9249
Attorneys
Shumway II G Charles
177 Gray Rd
Falmouth, ME 04105
(207) 541-9048
Attorneys
Staffordadvisors
301 Foreside Rd
Falmouth, ME 04105
(207) 772-8600
Tax Attorneys,  Attorneys,  Bookkeeping,  Financial Planning Consultants,  Accounting Services,  Tax
Skelton Taintor
358 US Route 1
Falmouth, ME 04105
(207) 221-8500
Attorneys
Barns James B
361 US Route 1 # 1
Falmouth, ME 04105
(207) 781-7677
Attorneys, Legal Service Plans
Dupee Woody
339 US Route 1
Falmouth, ME 04105
(207) 730-7220
Attorneys
Talbot Randy E & Cynthia
1 Balsam Ln
Falmouth, ME 04105
(207) 797-6385
General Practice Attorneys
Reed John & Stephanie
308 Blackstrap Rd
Falmouth, ME 04105
(207) 797-6297
Attorneys
Mahoney Nicholas J K Esquire PA
4 Fundy Rd
Falmouth, ME 04105
(207) 781-5294
Attorneys
Robert Bennett Law Offices
614 Blackstrap Rd
Falmouth, ME 04105
(207) 878-3933
Attorneys
Bennett Robert
23 E Ramsdell Rd
Falmouth, ME 04105
(207) 878-3933
Attorneys
Bopp Fred W
5 Stapleford Dr
Falmouth, ME 04105
(207) 878-3656
Attorneys
Lemieux John
12 River Pl
Falmouth, ME 04105
(207) 347-3198
Attorneys
Lowry Donald G
173 Middle Rd
Falmouth, ME 04105
(207) 781-2290
Attorneys
Bennett Robert
72 Leighton Rd
Falmouth, ME 04105
(207) 878-2226
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US