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 14534

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 14534


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 NY 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 NY 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 14534
Foster Patricia C Esq P
170 Office Park Way
Pittsford, NY 14534
(585) 387-9000
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys
Harris Beach P
99 Garnsey Rd
Pittsford, NY 14534
(585) 419-8800
Attorneys,  Legal Service Plans,  Criminal Law Attorneys,  Tax Attorneys,  Banking & Mortgage Law At
Creary Jr William J
18 N Main St
Pittsford, NY 14534
(585) 586-8480
Real Estate Attorneys, Attorneys, Legal Service Plans
The Walsh Firm
9 Vantage Dr
Pittsford, NY 14534
(585) 385-6747
Attorneys, Legal Service Plans, Criminal Law Attorneys, DUI & DWI Attorneys, Legal Clinics, Traffic
Palumbo Richard A
11 State St # 206
Pittsford, NY 14534
(585) 899-6032
Environment & Natural Resources Law Attorneys, Attorneys
Lacy Katzen LLP
1173 Pittsford Victor Rd Ste 140
Pittsford, NY 14534
(585) 454-5650
Estate Planning Attorneys, Attorneys, Criminal Law Attorneys, Business Law Attorneys, Real Estate At
Geiger, Rick S., Attorney
18 Harrison Cir
Pittsford, NY 14534
(585) 230-5511
Employment Discrimination Attorneys,  Labor & Employment Law Attorneys,  Automobile Accident Attorne
Morgenstern DeVoesick PLLC
1000 Pittsford Victor Rd 2J
Pittsford, NY 14534
(585) 672-5500
Attorneys, Business Law Attorneys, Real Estate Attorneys, General Practice Attorneys, Estate Plannin
Julie V. Mersereau, Esq.
141 Sullys Trl Ste 11
Pittsford, NY 14534
(585) 377-5487
Family Law Attorneys, Attorneys
Donald Aw Smith Attorney
125 Sullys Trl # 7
Pittsford, NY 14534
(585) 381-3866
Business Law Attorneys, Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
The Pearl Law Firm, P.A.
1159 Pittsford Victor Rd Ste 220
Pittsford, NY 14534
(585) 381-3820
Securities & Investment Law Attorneys, Attorneys
Peters Bruce W
67A Monroe Ave
Pittsford, NY 14534
(585) 381-3333
Attorneys, Legal Service Plans
Divorce Mediation Associates
47 Round Trail Dr
Pittsford, NY 14534
(585) 385-2648
Mediation Services, Divorce Assistance, Attorneys Referral & Information Service
Sercu Stephen J
31 N Main St
Pittsford, NY 14534
(585) 385-2510
Family Law Attorneys, Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
The Mediation Center Inc
141 Sullys Trl Ste 11
Pittsford, NY 14534
(585) 586-1830
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Legal Service Plans,  Mediation Services
Pawar Santosh K
65 Eaglewood Cir
Pittsford, NY 14534
(585) 264-1649
Immigration Law Attorneys,  Attorneys,  Family Law Attorneys,  Administrative & Governmental Law Att
Campbell Law Firm
15 Schoen Pl
Pittsford, NY 14534
(585) 203-1080
General Practice Attorneys, Attorneys, Legal Service Plans
Blyth John E
141 Sullys Trl # 12
Pittsford, NY 14534
(585) 586-0590
Attorneys, Legal Service Plans
Wilcox Ronald & Rebecca
59 Crestview Dr
Pittsford, NY 14534
(585) 218-0536
Bankruptcy Law Attorneys
Finucane Leo G
6 N Main St
Pittsford, NY 14534
(585) 586-0220
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US