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 23451

Differences between Quit Claim Deeds and Warranty Deeds in Zip Code 23451


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 VA 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 VA 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 23451
Letourneau Steven P
1206 Laskin Rd
Virginia Beach, VA 23451
(757) 425-9977
Adoption Law Attorneys, Attorneys, Family Law Attorneys
John D. Hooker Jr. and Associates
1206 Laskin Rd
Virginia Beach, VA 23451
(757) 425-9977
Criminal Law Attorneys, Attorneys, Legal Service Plans
Dinsmore John B
2101 Parks Ave
Virginia Beach, VA 23451
(757) 437-9500
Attorneys, Legal Service Plans
Evans & Bryant
2101 Parks Ave # 301
Virginia Beach, VA 23451
(757) 437-9500
General Practice Attorneys, Attorneys, Legal Service Plans
Schapiro-Flax Mona
303 34th St # 7
Virginia Beach, VA 23451
(757) 425-9191
Attorneys, Legal Service Plans
Ansell W Leigh
1072 Laskin Rd Ste 103
Virginia Beach, VA 23451
(757) 437-8860
Attorneys, Legal Service Plans
Levinson Michael H
303 34th St # 6
Virginia Beach, VA 23451
(757) 437-8800
General Practice Attorneys, Attorneys
Thomas Cheryl S
1060 Laskin Rd Ste 14B
Virginia Beach, VA 23451
(757) 428-8486
Attorneys, Legal Service Plans
Keri Markiewicz PC
1604 Hilltop West Shopping Ctr Ste 319
Virginia Beach, VA 23451
(757) 437-7970
Legal Service Plans, Divorce Attorneys, Family Law Attorneys, Attorneys
Venner John O
1397 Laskin Rd
Virginia Beach, VA 23451
(757) 491-6888
Attorneys, Legal Service Plans
Vandervelde, PLC
2101 Parks Ave Ste 802
Virginia Beach, VA 23451
(757) 963-6811
General Practice Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Personal Injury Law Attorn
Purkey Jr Harry R
303 34th St # 5
Virginia Beach, VA 23451
(757) 428-6443
Attorneys, Legal Service Plans
Zimmer & Lewis
1604 Hilltop West Shpping #220
Virginia Beach, VA 23451
(757) 491-6220
Attorneys, General Practice Attorneys, Legal Service Plans
Barnes Elizabeth
303 34th St # 8
Virginia Beach, VA 23451
(757) 282-6181
Attorneys, Family Law Attorneys, DUI & DWI Attorneys, Legal Service Plans
Elizabeth K. Barnes
1206 Laskin Rd Ste 201
Virginia Beach, VA 23451
(757) 282-6181
DUI & DWI Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Brydges Geroe Rosenblatt Obrie
1206 Laskin Rd Ste 101
Virginia Beach, VA 23451
(757) 428-6021
Attorneys, Legal Service Plans
Clarke Donald S
3330 Pacific Ave # 304
Virginia Beach, VA 23451
(757) 425-5900
Attorneys, Legal Service Plans
Messman Law, PLC
3330 Pacific Ave Suite 200
Virginia Beach, VA 23451
(757) 340-5800
Attorneys, Family Law Attorneys, Criminal Law Attorneys
Hood & Assoc
3330 Pacific Ave Ste 200
Virginia Beach, VA 23451
(757) 340-5800
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Atto
Bogardus David P
1072 Laskin Rd Ste 101C
Virginia Beach, VA 23451
(757) 425-5677
Attorneys, Legal Service Plans
Gallagher James M
405 Canvasback Way
Virginia Beach, VA 23451
(757) 463-5550
Attorneys, General Practice Attorneys
Hofheimer Family Law
1060 Laskin Rd Ste 12B
Virginia Beach, VA 23451
(757) 425-5200
Child Custody Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans,  Personal In
Generations Law
1064 Laskin Rd
Virginia Beach, VA 23451
(757) 962-5111
Attorneys, Legal Service Plans
Joseph W. Hood Jr. & Associates
3330 Pacific Ave Suite 200
Virginia Beach, VA 23451
(757) 819-4897
Estate Planning Attorneys,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Business Law Atto
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US