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 97823

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 97823


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 OR 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 OR 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 97823
Camacho Rudolpho
6950 SW Hampton St # 308
Portland, OR 97223
(503) 517-9216
Attorneys
Ganz Bradley
163 SE 2nd Ave
Hillsboro, OR 97123
(503) 844-9009
Attorneys, Patent, Trademark & Copyright Law Attorneys, Legal Service Plans
Evans & Hubbard -
9397 SW Locust St
Portland, OR 97223
(503) 862-8972
Attorneys, Litigation & Tort Attorneys
Daniel Hoarfrost Attorney
10260 SW Greenburg Rd Suite 400
Portland, OR 97223
(888) 968-8962
Attorneys,  Wrongful Death Attorneys,  Probate Law Attorneys,  Litigation & Tort Attorneys,  Acciden
Twist Elisabeth S
10260 SW Greenburg Rd
Portland, OR 97223
(503) 535-8810
General Practice Attorneys, Attorneys
Westside Family Law
13425 SW 72nd Ave
Portland, OR 97223
(503) 620-8618
Family Law Attorneys, Attorneys, Legal Service Plans
Siegman Law
10260 SW Greenburg Rd Ste 400
Portland, OR 97223
(503) 293-8493
Bankruptcy Law Attorneys, Bankruptcy Services
Wolf Law Offices
10260 SW Greenburg Rd Ste 400
Portland, OR 97223
(503) 293-8482
Attorneys, General Practice Attorneys, Legal Service Plans
Cardwell Timothy
10260 SW Greenburg Rd Ste 400
Portland, OR 97223
(503) 293-8480
Attorneys, Legal Service Plans
Krem Janice
10260 SW Greenburg Rd
Portland, OR 97223
(503) 293-8470
Attorneys, Legal Service Plans
Newton Law Firm
10260 SW Greenburg Rd Ste 400
Portland, OR 97223
(503) 293-8410
Attorneys,  Corporation & Partnership Law Attorneys,  Legal Service Plans,  General Practice Attorne
Vergun Lawrence M
10260 SW Greenburg Rd
Portland, OR 97223
(503) 293-8410
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, General Practice Attorneys
Bomarito Douglas M
7157 SW Beveland Rd Ste 100
Portland, OR 97223
(503) 223-8285
Attorneys, Legal Service Plans
Tolliver Ken
10200 SW Katherine St
Portland, OR 97223
(503) 684-8200
Attorneys
Brown Christopher W Atty
6665 SW Hampton St Ste 200
Portland, OR 97223
(503) 968-8111
Attorneys
Du Boff Law Group
6665 SW Hampton St Ste 200
Portland, OR 97223
(503) 968-8111
Attorneys,  Legal Service Plans,  Attorneys Referral & Information Service,  General Practice Attorn
King Christy O
6665 SW Hampton St # 200
Portland, OR 97223
(503) 968-8111
Attorneys, Legal Service Plans
Mayo Paul
6665 SW Hampton St Ste 200
Portland, OR 97223
(503) 968-8111
Attorneys
Jensen & Leiberan
10300 SW Greenburg Rd Ste 300
Portland, OR 97223
(503) 641-7990
Attorneys, Family Law Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans
Jensen & Leiberan,
10300 SW Greenburg Rd Ste 300
Portland, OR 97223
(503) 641-7990
Corporation & Partnership Law Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Eagar James
100 SW Baseline St
Hillsboro, OR 97123
(503) 681-7975
Attorneys
Matthew C. Daily
13425 SW 72nd Ave
Portland, OR 97223
(503) 489-7953
Wills, Trusts & Estate Planning Attorneys, Business Law Attorneys, Attorneys, Family Law Attorneys
Bucher, Erik M - Bucher & Greenspan Pc
10260 SW Greenburg Rd Ste 1165
Portland, OR 97223
(503) 546-7904
Attorneys
Shearin Leah M
7540 SW Hermoso Way
Portland, OR 97223
(503) 968-7900
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US