DEEDS QUITCLAIM
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.

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WARRANTY DEED

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.

SURVIVORSHIP DEEDS

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.

If you do-it-yourself, be smart about it! To make sure your goals are not compromised, it's wise to have an attorney inspect any form you are intending to use to consider all the possible legal ramifications. (See our disclaimer)

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