Real property is often a person's largest and most valuable asset. Deeds quitclaim, warranty, or survivorship; which do I need?
WARRANTY And SURVIVORSHIP DEEDS
The issue of correctly transferring property can be vitally important. If you need to transfer the ownership of real property
from one person to another, you will need to use a Deed to do so.
How do you know which one to use? The answer depends
on the reason for the transfer, what goals are intended by the transfer and who is going to hold title to the property
after the transfer.
QUITCLAIM DEED Also referred to as Quick Claim Deeds
This type of deed contains no "warranties" that the property is being transferred with good title or without encumbrances - except
those that are filed on record. No joint tenancy or right of survivorship is created.
This Deed tells the person accepting the title to the
real estate that they will be taking whatever rights of interests that the seller or grantor has in the property. Nothing
more and nothing less.
The Quitclaim Deed can be used to transfer property from a seller to a purchaser in a variety of
situations. For example, when one spouse or relative desires to transfer property to another spouse or relative. Naming
another person as a co-owner to the property or transferring property from a person to his or her trust are other uses
for a quitclaim deed. This type of deed is also often used to transfer property from spouses that become divorced.
Skip Down To More QuitClaim Deed Resources
A Warranty Deed conveys the title to property whereby the seller makes some guarantee that the title will be good and unencumbered.
Except as may be stated on the deed, they also agree to defend and protect the purchaser against any loss that may arise
in the future from any defect in the title at the time of conveyance.
The Warranty Deed is the most common type of
deed used to transfer property from one individual or business to another.
This Deed is a warranty deed with "survivorship" rights created. It creates a joint tenancy (sometimes called a survivorship tenancy)
between two or more grantees. Upon the death of one of the grantees, his/her interest passes in equal shares to the
surviving joint tenant(s).
This deed is used commonly when a person or couple purchases a house and each desires the joint ownership
and survivorship features.
QuitClaim, Quit Claim, Quick Claim Resource Center
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