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 44663

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 44663


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 OH 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 OH 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 44663
Fete Marvin T
138 2nd St NW
New Philadelphia, OH 44663
(330) 364-9599
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Legal Service Plans
Urban George
117 S Broadway St
New Philadelphia, OH 44663
(330) 339-9200
General Practice Attorneys, Attorneys, Criminal Law Attorneys
Schaffner David K
132 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-9070
General Practice Attorneys, Attorneys
Spies Amanda K
300 1/2 E High Ave
New Philadelphia, OH 44663
(330) 343-8888
General Practice Attorneys, Attorneys, Legal Service Plans
Mclane William
138 2nd St NW
New Philadelphia, OH 44663
(330) 308-8300
General Practice Attorneys, Attorneys
Collins Ron
135 2nd St SE
New Philadelphia, OH 44663
(330) 602-7767
Attorneys
Guinn Law Firm
118 W High Ave
New Philadelphia, OH 44663
(330) 447-7634
Litigation & Tort Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Juvenile Law Attorneys,  
Lonas Mcgonegal Tsangeos & Struhar
120 N Broadway St
New Philadelphia, OH 44663
(330) 364-6810
Employee Benefits & Worker Compensation Attorneys, Attorneys, Labor & Employment Law Attorneys, Gene
Stephenson Richard L
206 W High Ave
New Philadelphia, OH 44663
(330) 339-6444
General Practice Attorneys, Attorneys, Legal Service Plans
Brian Law Offices
128 N Broadway St
New Philadelphia, OH 44663
(330) 343-6222
Attorneys, General Practice Attorneys, Legal Service Plans
Johnson Michael
117 S Broadway St
New Philadelphia, OH 44663
(330) 364-5593
Attorneys,  Family Law Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property
Tolhurst III Harry C E
405 Chauncey Ave NW
New Philadelphia, OH 44663
(330) 343-5585
General Practice Attorneys, Attorneys
Durmann Glenn G
405 Chauncey Ave NW
New Philadelphia, OH 44663
(330) 343-5585
Attorneys, Probate Law Attorneys, Bankruptcy Law Attorneys
Sani & Barnhouse Co Lpa
120 N Broadway St
New Philadelphia, OH 44663
(330) 364-5538
General Practice Attorneys, Attorneys, Legal Service Plans
Werren, John E Brian Goforth & O'meara Law
128 N Broadway St
New Philadelphia, OH 44663
(330) 364-5531
Attorneys, Social Security & Disability Law Attorneys, Accident & Property Damage Attorneys, Corpora
Lehigh Daniel T
221 Front Ave SW
New Philadelphia, OH 44663
(330) 308-5522
Attorneys, Social Security & Disability Law Attorneys, General Practice Attorneys, Legal Service Pla
Marchisio, Abigail I Brian Goforth & O'meara Law
128 N Broadway St
New Philadelphia, OH 44663
(888) 854-4019
Attorneys,  Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Corp
Hipp David C
300 E High Ave
New Philadelphia, OH 44663
(330) 343-2168
Attorneys, Family Law Attorneys, Legal Service Plans
Warkall Michael A
140 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-1614
General Practice Attorneys, Attorneys
Bowers Bowers & Mastin
108 E High Ave
New Philadelphia, OH 44663
(330) 343-1614
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Anderson Steven A
140 Fair Ave NW
New Philadelphia, OH 44663
(330) 364-1614
General Practice Attorneys, Attorneys, Legal Service Plans
Guinn Dan
118 W High Ave
New Philadelphia, OH 44663
(330) 343-1421
General Practice Attorneys, Attorneys
Rohr Nicole L
2146 E High Ave
New Philadelphia, OH 44663
(330) 343-0799
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Thrush & Rohr
2146 E High Ave
New Philadelphia, OH 44663
(330) 343-0799
Bankruptcy Law Attorneys, Attorneys, General Practice Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US