Posted on: 21st Nov, 2008 10:53 am
This is about a piece of land owned by my ex-husband and myself which has been on the market for 3 years. He wants to transfer ownership to me so as to avoid ongoing costs which were not addressed in the divorce. I will then be paying the taxes, etc. Should I use a quitclaim or warranty deed?
Hello bybyri,
There are generally three or four types of deeds (depending upon your state) that are used to assign ownership of real property, and/or to transfer title to the land. Each deed is basically used for one thing - to transfer the interest of the grantor (person selling the house) to the grantee (person who is buying the house). Please take note: each deed comes with different levels of effectiveness and warranties (guarantees). Always check with your state and/or local attorney to be sure you are utilizing the appropriate deed for your situation.
The General Warranty Deed is the one most commonly used. It also is the one that carries the greatest protection with it. The main advantage this deed has is that the grantor is agreeing to pay damages if the title fails at any time in the future. The grantor is giving a warranty (guarantee) to you that the title is clear of any encumbrances (liens, taxes, assessments, etc.), and that he has not given any rights, title, or interest of the property to anyone else but you.
The Quitclaim Deed transfers only someones interest in real property. It simply just says that IF that person had any interest in the property, that they sign it over to you. They may not necessarily own the property being sold, but they hold responsibility for it. It does not establish title. The grantor might be on the title, or may have never been identified on that deed. He is only passing on his interest that he was granted in the property. He does not claim that the title is valid. He is not held responsible if any title defects are eventually found.
I'm sure I provided more detailed information about those 2 particular deeds, than what you might have been looking for. But I wanted you to fully understand the differences in the two.
Let us know if you still have questions.
Good luck. :D
There are generally three or four types of deeds (depending upon your state) that are used to assign ownership of real property, and/or to transfer title to the land. Each deed is basically used for one thing - to transfer the interest of the grantor (person selling the house) to the grantee (person who is buying the house). Please take note: each deed comes with different levels of effectiveness and warranties (guarantees). Always check with your state and/or local attorney to be sure you are utilizing the appropriate deed for your situation.
The General Warranty Deed is the one most commonly used. It also is the one that carries the greatest protection with it. The main advantage this deed has is that the grantor is agreeing to pay damages if the title fails at any time in the future. The grantor is giving a warranty (guarantee) to you that the title is clear of any encumbrances (liens, taxes, assessments, etc.), and that he has not given any rights, title, or interest of the property to anyone else but you.
The Quitclaim Deed transfers only someones interest in real property. It simply just says that IF that person had any interest in the property, that they sign it over to you. They may not necessarily own the property being sold, but they hold responsibility for it. It does not establish title. The grantor might be on the title, or may have never been identified on that deed. He is only passing on his interest that he was granted in the property. He does not claim that the title is valid. He is not held responsible if any title defects are eventually found.
I'm sure I provided more detailed information about those 2 particular deeds, than what you might have been looking for. But I wanted you to fully understand the differences in the two.
Let us know if you still have questions.
Good luck. :D
Hi bybyri!
Welcome to forums!
If there is a money transfer included in the process i.e if you are paying money for getting that piece of land from your ex-husband, then its better to go for a warranty deed. If money transactions are not included, then a quitclaim deed will serve your purpose.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If there is a money transfer included in the process i.e if you are paying money for getting that piece of land from your ex-husband, then its better to go for a warranty deed. If money transactions are not included, then a quitclaim deed will serve your purpose.
Feel free to ask if you have further queries.
Sussane
