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 16743

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 16743


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 PA 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 PA 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 16743
Hurtt John
682 Tunkhannock Ave
Exeter, PA 18643
(570) 654-9998
Social Security & Disability Law Attorneys, Attorneys, Real Estate Attorneys, Legal Service Plans
Zucker Patricia C
635 N 12th St # 101
Lemoyne, PA 17043
(717) 724-9821
Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans, Bankruptcy Law Attorne
Daley Zucker Meilton Miner LLC
635 N 12th St
Lemoyne, PA 17043
(717) 724-9821
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Bankruptcy Law Attorneys
Diamond Robert L
4900 Cedar Ave # 3A
Philadelphia, PA 19143
(215) 471-9700
General Practice Attorneys, Attorneys
Gates Lowell R
1013 Mumma Rd Ste 100
Lemoyne, PA 17043
(717) 731-9600
Attorneys, Legal Service Plans
Gates Halbruner Hatch & Guise PC
1013 Mumma Rd
Lemoyne, PA 17043
(717) 731-9600
Wills, Trusts & Estate Planning Attorneys, Attorneys, Elder Law Attorneys, Legal Service Plans
Snook Cory J
1013 Mumma Rd Ste 100
Lemoyne, PA 17043
(717) 731-9600
Bankruptcy Law Attorneys, Attorneys
Perry, Judson B Perry & Baumbach PC
1035 Mumma Rd Ste 201
Lemoyne, PA 17043
(717) 737-9240
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans, Employee Benefits & Worker
Clark & Krevsky
20 Erford Rd
Lemoyne, PA 17043
(717) 731-8600
Attorneys, General Practice Attorneys, Legal Service Plans, Labor & Employment Law Attorneys
Kulick Law Firm
1701 Wyoming Ave
Exeter, PA 18643
(570) 299-7883
General Practice Attorneys, Attorneys, Legal Service Plans
Honberger, Jansen M Gibble & Honberger PC
126 E Main St
Lititz, PA 17543
(717) 626-7778
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  El
Norfleet & Lafferty
1300 Market St
Lemoyne, PA 17043
(717) 737-7574
Accident & Property Damage Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Corporation &
Demartino James E
62 Highland Ct
Mount Bethel, PA 18343
(570) 897-6645
General Practice Attorneys, Attorneys
Straka & Gustine
435 Beaver St
Sewickley, PA 15143
(412) 741-6000
General Practice Attorneys, Attorneys, Legal Service Plans
Cefalo Michael J
309 Wyoming Ave
West Pittston, PA 18643
(570) 655-5555
Attorneys,  Malpractice Law Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partner
Cybrid Inc
1017 Mumma Rd Ste 105
Lemoyne, PA 17043
(717) 541-5541
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
Anderson William
700 Bower Hill Rd
Pittsburgh, PA 15243
(412) 571-5069
Attorneys, Legal Service Plans
Pierson Shawn M
105 E Oregon Rd
Lititz, PA 17543
(717) 560-4966
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorney
Goehring Rutter and Boehm
2100 Georgetown Dr
Sewickley, PA 15143
(724) 935-4777
General Practice Attorneys, Attorneys, Legal Service Plans
Michael Cherewka Law Offices
624 N Front St
Lemoyne, PA 17043
(717) 232-4701
General Practice Attorneys,  Attorneys,  Legal Service Plans,  Attorneys Referral & Information Serv
Keith N Jordan
5834 Walton Ave
Philadelphia, PA 19143
(215) 474-4625
General Practice Attorneys
Peel Greevy Melissa
301 Market St # 2
Lemoyne, PA 17043
(717) 761-4540
Mediation Services, Attorneys
Blazosek Joseph M Atty
341 Wyoming Ave Ste 9
West Pittston, PA 18643
(570) 655-4445
Attorneys,  Criminal Law Attorneys,  Estate Planning, Probate, & Living Trusts,  Social Security &
Menn Stephen Attorney
225 Wyoming Ave
West Pittston, PA 18643
(570) 654-4441
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US