Posted on: 06th Jul, 2009 09:23 am
Which deed is better when adding a spouse to a property? a quick claim or a grant /Warranty deed. If one is better what are the reasons. We want both names on the property title.
Grant Deed: There are two guarantees contained in a grant deed:
1 The grantor states that the property has not been sold to anybody else.
2 The grantor states that the property is not burdened by any encumbrances apart from those the seller has already disclosed to the buyer.
Grant deeds do not need to be recorded to be valid, nor do they need to be notarized to be valid, but most sellers do ask a notary to witness the deed, acknowledging that the seller is the person who signed the deed. And most buyers want the protection of recordation, to give "constructive notice to the world" that the property has been
Warranty Deed: warranty deeds contain three guarantees:
1 The grantor states that the property has not been sold to anybody else.
2 The grantor states that the property is not burdened by any encumbrances apart from those the seller has already told the buyer about.
3 More important, the grantor will warrant and defend title against the claims of all persons. This means the grantor is guaranteeing the grantee that title is free of any defects that may affect the title, even if the defect was caused by a prior owner
Quick claim deed: Quitclaim deeds are used to convey any interest that the grantor might possess in the property. The grantor might be a legal owner or the grantor might never have formally been identified on a deed describing the property.
Quitclaims are most often used during a divorce, to deed the property from one spouse to the other. If a married person holds title to a property as sole and separate or perhaps he or she acquired the property before marriage, the spouse not in title might be asked to sign a quitclaim deed when the property is sold to a third party, just to make sure the spouse who was not on the deed does not later come back and lay claim to the property.
1 The grantor states that the property has not been sold to anybody else.
2 The grantor states that the property is not burdened by any encumbrances apart from those the seller has already disclosed to the buyer.
Grant deeds do not need to be recorded to be valid, nor do they need to be notarized to be valid, but most sellers do ask a notary to witness the deed, acknowledging that the seller is the person who signed the deed. And most buyers want the protection of recordation, to give "constructive notice to the world" that the property has been
Warranty Deed: warranty deeds contain three guarantees:
1 The grantor states that the property has not been sold to anybody else.
2 The grantor states that the property is not burdened by any encumbrances apart from those the seller has already told the buyer about.
3 More important, the grantor will warrant and defend title against the claims of all persons. This means the grantor is guaranteeing the grantee that title is free of any defects that may affect the title, even if the defect was caused by a prior owner
Quick claim deed: Quitclaim deeds are used to convey any interest that the grantor might possess in the property. The grantor might be a legal owner or the grantor might never have formally been identified on a deed describing the property.
Quitclaims are most often used during a divorce, to deed the property from one spouse to the other. If a married person holds title to a property as sole and separate or perhaps he or she acquired the property before marriage, the spouse not in title might be asked to sign a quitclaim deed when the property is sold to a third party, just to make sure the spouse who was not on the deed does not later come back and lay claim to the property.