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 08604

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 08604


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 NJ 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 NJ 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 08604
Fabricant Elliot Lawyer
155 Passaic Ave
Fairfield, NJ 07004
(973) 808-9881
Attorneys
Lorne M Reiter
740 River Rd
Fair Haven, NJ 07704
(732) 747-9555
Attorneys, General Practice Attorneys, Legal Service Plans
Allison Turley Madden Esq.
57 Center St
Bloomsbury, NJ 08804
(908) 303-9462
Civil Litigation & Trial Law Attorneys, Attorneys, Criminal Law Attorneys
Mc Nally John
232 Boulevard # 9
Hasbrouck Heights, NJ 07604
(201) 462-9455
Attorneys, Legal Service Plans
Adubato Lisa
17 Elwood Pl
Newark, NJ 07104
(973) 481-9291
Attorneys
Betty A Simon Phila
1 F Walk
Camden, NJ 08104
(215) 732-9099
General Practice Attorneys, Attorneys
Torre William
456 Boulevard
Hasbrouck Heights, NJ 07604
(201) 288-9006
Real Estate Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Skripek Joseph P
277 Fairfield Rd Ste 120
Fairfield, NJ 07004
(973) 244-9000
Attorneys, Legal Service Plans
Vazquez Peter
197 Fairfield Rd
Fairfield, NJ 07004
(862) 210-8424
General Practice Attorneys, Attorneys
Batcha & Batcha
115 Maple Ave
Fair Haven, NJ 07704
(732) 747-8300
General Practice Attorneys, Attorneys, Legal Service Plans
Giambrone & Saltzman
710 US Highway 46
Fairfield, NJ 07004
(862) 210-8137
Attorneys, Traffic Law Attorneys
Cimino Law, LLC
376 Hollywood Avenue
Fairfield, NJ 07004
(862) 210-8036
Bankruptcy Law Attorneys
Stahlmann Wayne A Attorney
198 Boulevard
Hasbrouck Heights, NJ 07604
(201) 288-7878
General Practice Attorneys, Attorneys
Marc D Freeman
777 Terrace Ave Ste 508
Hasbrouck Heights, NJ 07604
(201) 288-7773
General Practice Attorneys, Attorneys, Legal Service Plans
Lagasi Anthony J
124 Little Falls Rd
Fairfield, NJ 07004
(973) 227-7751
General Practice Attorneys, Attorneys
Gaver and Conwell
601 Town Bank Rd
Cape May, NJ 08204
(609) 884-7666
General Practice Attorneys, Attorneys, Legal Service Plans
Chessin Neil
337 Park Ave
Paterson, NJ 07504
(973) 523-7556
Attorneys, Legal Service Plans
Park North Pr
40 Mount Prospect Ave
Newark, NJ 07104
(862) 237-7450
General Practice Attorneys, Attorneys, Legal Service Plans
Sarmasti Vafa
271 US Highway 46 # A205
Fairfield, NJ 07004
(973) 882-6666
Attorneys, Legal Service Plans
Humphrey Law Firm
373 US Highway 46 # 250
Fairfield, NJ 07004
(973) 287-6616
General Practice Attorneys, Attorneys, Legal Service Plans
Ngitlin & O'gorman Attorneys
239 Boulevard
Hasbrouck Heights, NJ 07604
(201) 288-6540
General Practice Attorneys, Attorneys
Lawyer Paul J DDS
311 White Horse Pike
Atco, NJ 08004
(856) 767-6400
Attorneys, General Practice Attorneys
Nodroff James J
145 Harrison Ave
Hasbrouck Heights, NJ 07604
(201) 288-6357
Attorneys
Bashian James V
271 US Highway 46
Fairfield, NJ 07004
(973) 227-6330
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US