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 84047

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 84047


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 UT 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 UT 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 84047
Lems Wendy J
7050 Union Park Ctr # 350
Midvale, UT 84047
(801) 256-9500
Attorneys, General Practice Attorneys, Legal Service Plans
Stone & Law
6985 Union Park Ctr Ste 205
Midvale, UT 84047
(801) 352-9331
Criminal Law Attorneys,  Family Law Attorneys,  Attorneys,  Divorce Attorneys,  General Practice Att
Sheff Kevin Atty
6776 S 1300 E
Midvale, UT 84047
(801) 352-9330
Attorneys
Tadd Dietz, PLLC
47 East 7200 South, Suite 210
Midvale, UT 84047
(801) 505-9243
Labor & Employment Law Attorneys, Immigration Law Attorneys, Consumer Law Attorneys, Landlord & Tena
Flint Edward
7190 S State St
Midvale, UT 84047
(801) 838-9175
Attorneys
Drake David
6905 S 1300 E # 248
Midvale, UT 84047
(801) 205-9049
Attorneys
Astill Dennis M
7730 Union Park Ave # 130
Midvale, UT 84047
(801) 438-8698
Attorneys
Roger A KRAFT Pc
7660 Holden St
Midvale, UT 84047
(801) 255-8550
Attorneys,  Business Bankruptcy Law Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
CC Brown Law Office
193 Fort Union Blvd
Midvale, UT 84047
(801) 265-8500
Bankruptcy Law Attorneys
Benson Jonny
47 Fort Union Blvd # 210
Midvale, UT 84047
(801) 255-8472
Attorneys, General Practice Attorneys, Legal Service Plans
Beatty & Wozniak PC
6925 Union Park Ctr Ste 525
Midvale, UT 84047
(801) 566-8446
Attorneys, Legal Service Plans
Davies Christopher
7651 Main St # 107
Midvale, UT 84047
(801) 352-8400
Attorneys, Legal Service Plans
All-Search & Inspection Inc
1108 E South Union Ave
Midvale, UT 84047
(801) 984-8160
Attorneys, Attorneys Referral & Information Service, General Practice Attorneys
Hale Barbara P
935 E South Union Ave # D100
Midvale, UT 84047
(801) 566-8118
Attorneys
Olsen Martin N
8142 S State St # 200
Midvale, UT 84047
(801) 255-7176
General Practice Attorneys, Attorneys, Legal Service Plans
Paralegal Alternatives
7508 S 900 E
Midvale, UT 84047
(801) 352-7115
Paralegals
Stephanie O'Brien
75 E, Fort Union Blvd, Ste C-133
Midvale, UT 84047
(801) 676-6865
Civil Litigation & Trial Law Attorneys, Criminal Law Attorneys, Elder Law Attorneys, Estate Planning
Weber & Schwendiman
57 East 7200 South
Midvale, UT 84047
(801) 676-6523
Bankruptcy Law Attorneys,  Consumer Law Attorneys,  Criminal Law Attorneys,  Employment Discriminati
Duncan Law, P.C.
6925 Union Park Center, #480
Midvale, UT 84047
(801) 997-6300
Personal Injury Law Attorneys, Bankruptcy Law Attorneys, Divorce Attorneys
Walter T. Keane, P.C
6925 Union Park Ctr
Midvale, UT 84047
(801) 742-5816
Real Estate Attorneys,  Personal Injury Law Attorneys,  Probate Law Attorneys,  Drug Charges Attorne
Wilkinson Jeffrey W
6925 Union Park Ctr # 290
Midvale, UT 84047
(801) 676-5500
Attorneys, Legal Service Plans
Clayton Howarth & Cannon PC
6965 Union Park Ctr Ste 400
Midvale, UT 84047
(801) 255-5335
Patent, Trademark & Copyright Law Attorneys,  Attorneys,  Copyright Service,  General Practice Atto
Clark R Ward
6925 Union Park Ctr Apt 600
Midvale, UT 84047
(801) 561-4400
Legal Service Plans,  Divorce Attorneys,  Family Law Attorneys,  Attorneys
Clark R. Ward
6925 Union Park Avenue, Ste 550
Cottonwd Heights, UT 84047
(801) 896-3992
Divorce Attorneys, Family Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US