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A warranty deed is a legal instrument that is used to transfer the title of a property from one person (grantor) to another (grantee). The most important feature of this deed is that here the grantor promises that the title is clear and free of liens. One major benefit of this deed is that it provides protection to you as the grantor warrants that he/she is the owner of the property and the property is free of outstanding liens.




What are the types of warranty deed?

There are 2 types of warranty deeds used for title transfer. They are:

1. General Warranty Deed:
This legal document guarantees that the grantor (or seller) is the legal owner of the property and no other person has an interest in the property, unless otherwise stated on the deed.

The guarantee offered in the General Deed is not limited to the time the grantor owned property. The grantor can be held liable for any title problems existing before they owned the property, as well as during ownership.

  • How it protects the grantee -
    A General Deed includes 6 types of covenants (agreements between the parties involved) divided into the following categories:
    1. Present Covenant: This represents the grantor's promise that he has legaltitle and possession to the property. The grantor's promise that the title is clear and free of any liens is also part of this covenant.
    2. Future Covenant: This includes the grantor's promise to protect the grantee against any other person claiming title. In some states, this covenant protects the grantor's promise to provide the legal documents necessary to prove that the title passed by the deed is valid.
  • When grantor is held liable -
    If the grantee finds out that someone else owns interest in property that was not listed in the title record, then they have the right to sue the grantor. If there is a defect in property-title such as a tax lien, mortgage claim, judgment, etc, then the grantee or buyer can hold the grantor or seller liable if the defect was not present in the title record.

2. Special or Limited Warranty Deed:

The Special/Limited or Statutory Warranty Deed does not offer as much protection as the General deed.

  • How it protects the grantee -
    The deed conveys grantor's title to the grantee and protects the latter against title defects or claims arising only during the grantor's ownership. The grantor warrants that there are no liens on the property unless otherwise stated on the deed or present in the title record.

    The Special Warranty Deed allows the grantee or buyer to ask the grantor for compensation to fix problems with the property which actually originated during the grantor's ownership in the property if they are guaranteed by the grantor. If a defect in the condition of the property is not warranted in the deed or disclosed prior to closing, then the grantor is not liable for it.


How do you make the deed valid?

The deed should provide the legal description of the property to be transferred. It should be drafted with respect in the state where the property is located. Moreover, the deed should be signed and witnessed by a notary. Check out a sample form given below in the Related References section.

The deed is delivered to the buyer at the time of closing. The buyer then records the deed at the County Recorder's office. The deed should be recorded within the specific period required by state law in order to be valid.

A Warranty Deed offers greater protection than a quitclaim deed. So, whether you're selling property or transferring it to a trust, this kind of deed can serve you the best. When purchasing property, the buyer should supplement the deed by purchasing title insurance policy. Both the deed and the policy can help protect the lender and the buyer against disputes concerning ownership or liens on property.
Related Forum Discussions
Related References
Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lou,

A similar query has been answered at http://www.mortgagefit.com/know-how/about5090.html . Please go through it.

Thanks,

Caron.

Like | Dislike | Share | Posted: Sun, 09/24/2006 - 20:59 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My son bought a house and now he does not want it, he would like for my husband to take over the payments. Is this possible and if it is, could the house be put in our name instead of our sons?

Like | Dislike | Share | Posted: Sun, 09/24/2006 - 12:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Herminia,

Sorry to hear about your sister's cancer.
[quote:9305dc8449]Can we use a quit claim deed as collateral in the event she is unable to pay back the loan?[/quote:9305dc8449]
If she is unable to pay back the loan you had given her for payment of the mortgage, you can ask her to transfer the property interest in your name by way of a quit claim deed.

Veolin

Like | Dislike | Share | Posted: Sat, 09/30/2006 - 23:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My sister has terminal cancer. She is on Medicaid. I loaned her the money to pay off her mortgage. Can we use a quit claim deed as collateral in the event she is unable to pay back the loan? If a quit claim deed exists, can Medicaid attach the home should she owe Medicaid money for long term care?

Like | Dislike | Share | Posted: Sat, 09/30/2006 - 12:34 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Herminia,

If your sister receives medical services paid through Medicaid on or after her 55th birthday, or if she resides in a medical institution permanently, then only Medicaid can attach the house. This implies that Medicaid can recover the cost of medical services from the assets in the home upon your sister's death. So, if your sister is 55 years old or above, the quit claim as collateral has no value as the Medicaid company if required can claim the house. But if she is under the given age limit, then the quit claim can be effective.

Thanks

Like | Dislike | Share | Posted: Tue, 10/03/2006 - 02:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My sister asked me to remove her from our home deed. She may have some medical bills due to an illness in the near future. Can they take my home if she is not on the title now?
I do have a lein on the home but it is only in my name.
We had a Quit Claims Deed fixed, will this protect me if not what should I do?

Like | Dislike | Share | Posted: Thu, 11/09/2006 - 07:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:7db47d87b0]Can they take my home if she is not on the title now? [/quote:7db47d87b0]
As the home has been quit claimed and your sister is now not on the title of the home, a lien will not be placed on the home for the debts that are going to arise in the future.

Like | Dislike | Share | Posted: Thu, 11/09/2006 - 10:15 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Red,

Welcome to the forums.

I guess you want to know whether your property will be taken away in order to retrieve the unpaid medical bills. Well, I don't think it will affect your home in any way because the bills are not secured by the property. Moreover, your sister is not on the title. So, those providing the medical treatment have to retrieve the dues from your sister itself.

[quote:c9971cfc5d]I do have a lein on the home but it is only in my name. [/quote:c9971cfc5d]
Regarding the lien on your home, you are responsible for it and you need to clear it within the allotted time period. You may lose your home in case you are not able to fulfill the obligations required to clear the lien.

[quote:c9971cfc5d]We had a Quit Claims Deed fixed, will this protect me [/quote:c9971cfc5d]
The quit claim can protect you in the sense that it mentions the transfer of title to you. So, the persons concerned will know that you are on the title. I mean you can show them a copy of the deed as a proof of the transfer.

[quote:c9971cfc5d]if not what should I do?[/quote:c9971cfc5d]
I think you need to talk to your sister explaining her that she should pay down the bills or else she should be in trouble later on. Moreover, keeping the dues unpaid will have a serious affect on her credit score.

Hope I could help you to some extent.

God bless you

Samantha.

Like | Dislike | Share | Posted: Thu, 11/09/2006 - 20:26 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I want to buy a bank owned property they will only sell it on quik claim deed. They will not give a warranty deed. Iwant to know what are the risks involved about purchasing ? Do bank own properties not give Warranty deeds ?

Like | Dislike | Share | Posted: Wed, 11/29/2006 - 16:43 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Vic,

I have already answered to your post in this thread (http://www.mortgagefit.com/know-how/about5840.html). Please refer that.

Thanks

Like | Dislike | Share | Posted: Wed, 11/29/2006 - 22:44 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex wife wants me to sign a quitclaim deed to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] one of the loans on the house. But in our divorce agreement she owes me $13,000 when she refinances the house. She dais she will do this when she refinances the other, a much larger loan next fall. But if I give up rights on the home she might say that I already gave up all rights on the house. Is there any way to sign the deed over to her so that she can do what she needs to but still keep a legal document that says she has to pay me my money?

Like | Dislike | Share | Posted: Fri, 12/15/2006 - 09:33 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Welcome to the forums.

The divorce agreement itself proves that she should pay you the money. So, in case she does not pay, you can legally claim the amount. Even if she denies, she has to pay it as it is stated on the divorce agreement. No need to prepare a separate document. I hope you have a written form of the divorce agreement. Just keep it safe so that in case you need it, you can use it to bring any kind of legal action against her.

Hope this information will help you.

God bless you.

Samantha

Like | Dislike | Share | Posted: Fri, 12/15/2006 - 20:30 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Why don't you ask her to make the payment that you owe at the time when you sign the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url].

Like | Dislike | Share | Posted: Fri, 12/15/2006 - 21:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My girlfriend and I brought a new home,but in the process our relationship as ended.She still wants to buy the home, how can I relinquish my ownership of this home.

Like | Dislike | Share | Posted: Tue, 01/09/2007 - 00:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sell the home to your girlfriend and then sign over a grant deed to give up your ownership rights on property.

Like | Dislike | Share | Posted: Tue, 01/09/2007 - 00:49 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jack.

Welcome here.

It's fine if yur girlfriend wishes to buy the home. Now when you sell it, depending upon the home value you may have to pay capital gains tax on the profit, if any. But there is an exemption limit also.

When you sell the home, you need to transfer the title in the buyer's name and to do that, you may need a quit claim/grant deed signed over to her.

Thanks,
James.

Like | Dislike | Share | Posted: Tue, 01/09/2007 - 00:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dad is 88 years old and living in Florida. He owns the home free and clear. There is a Revocable Living Trust and the home is part of the assets. I am concerned that I may have to sell the home should my dad need living assistance. Does a quit claim deed or warranty deed legally give my ownership rights?

Like | Dislike | Share | Posted: Wed, 01/10/2007 - 10:20 | Post subject:

carnahandavid's picture
carnahandavid | Joined: December 21, 2006 04:07 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Martha,

Instead of quit claim deed your dad should create a warranty deed as it provides clear title to the property to the other person.

While the trust was created if you were named as successor trustee then you have the power to sell the home without the requirement of it being transferred in your name.

David

Like | Dislike | Share | Posted: Wed, 01/10/2007 - 10:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

But a successor trustee can only sell property when the person owning the trust property is dead or disabled.

Like | Dislike | Share | Posted: Sun, 01/14/2007 - 08:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband's company is going to be in ligtigation over a delinquent balance due. If he quit claims our home to me will that prevent the other company from putting a lien on our home?

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 08:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I have experiences some hard times and have fallen behind on my payments. Currently I'm going through forclosure, and I'm wondering if I do a quit claim deed to my son. Will he be able to gain the title and make the monthly payments on it. Or will he need to have funding avaible once the [url=http://www.mortgagefit.com/quitclaim-deed.html]quit deed[/url] cliam is singed and filed ?

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 11:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:9402bdbf1d]My husband's company is going to be in ligtigation over a delinquent balance due. If he quit claims our home to me will that prevent the other company from putting a lien on our home?[/quote:9402bdbf1d]
It might be considered as a fraudulent conveyance/transfer to avoid payment to the other company. And if the company files a complaint against it then the court can cancel the transfer to you and allow for a lien to be placed over the home.

Jaquith

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 11:07 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeremy,

Sorry to hear about your financial condition.

If your son has stable income and good credit score then the lender would agree to have the mortgage transferred in his name. You should discuss with your lender on whether he will allow it or not.

Loan Advisor

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 11:16 | Post subject:

helping_user's picture
helping_user | Joined: March 31, 2006 03:39 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome clueless.

Can you tell me whether your property belongs to the company? I mean have your husband signed any legal document which states that your home comes under your company assets? Or has your husband has taken a loan for the business keeping your home included within the collateral property?

If that is so, then the other company can place a lien on your home. Otherwise, if the property isn't listed as company asset, then there cannot be any lien on your home and as such your husband need not quit claim the home.

Thanks.

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 23:24 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jeremy,

Welcome to our forums.

We do come across hard times and the only way to overcome it is to have the confidence that we"ll be able to fight however worse the situation be.

Once there is a foreclosure filed against your home, you cannot quit claim the property to your son. Have the proceedings started already? Then it's not possible to transfer property because the auction may have started and the lender would like to sell the property to the highest bidder.

At the most, you can ask your son to buy the property from the lender and then quit claim it back to you in case you want it in your name and he's willing to do so.

Depending upon the state laws, you have also have the opportunity to buy back the property from the new buyer of the property. So, in case your son is not able to buy property, you can purchase it from the new buyer by making a payment. The payment is equal to the amount he has paid along with the interest accrued from the time of sale to the date when you may buy it again. This is the statutory right of redemption.

Hope you get through this situation as early as possible. If you have any related query, please feel free to let us know about it. We shall be glad to help you out.

Thanks,

Caron.

Like | Dislike | Share | Posted: Fri, 01/19/2007 - 23:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My parents' house is on several acres of land. They have given my fiance and I permission to build a house on their land. Should my parents deed the land to us that we would use to build our house and if so, are we able to pull the equity out of the land?

Like | Dislike | Share | Posted: Tue, 02/06/2007 - 17:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes if they make out a deed to transfer the property in your name then you would be in a position to take financing help for building the house. Your parents can use a warranty deed to transfer the property in your & fiance's name.

Gary Price

Like | Dislike | Share | Posted: Tue, 02/06/2007 - 17:28 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, your parents should legally transfer the land in your name. After this, you can look out for financing options for constructing homes – possibly construction loans. Until and unless you are the legal owner of the land, you cannot pull equity out of the land.

Like | Dislike | Share | Posted: Tue, 02/06/2007 - 21:08 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My parents want to do a [url=http://www.mortgagefit.com/quitclaim-deed.html]Quit claim deed[/url] to transfer their house to me their daughter in the event of their death. I don't see on Quit Claim deeds they say anything reagarding in the event of both grantors death. can you help me on that.

Like | Dislike | Share | Posted: Sun, 03/11/2007 - 10:56 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Claire,

Welcome to our forums.

There are two options here. Either your parents transfer the property to you at present. Now, if they do not intend to give away the property to anyone else through a Will, then you will be the legal owner.

Secondly, and a better option is that your parents should sign a beneficiary deed (or transfer on death deed) over to you. Such a deed will help you to inherit property after your parents' death without a probate being held.

Refer to discussions on Transfer on Death deed and Beneficiary deed

Thanks,

Caron.

Like | Dislike | Share | Posted: Mon, 03/12/2007 - 03:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am confused - what is the difference between "quit" claim and "quick" claim deeds?

Like | Dislike | Share | Posted: Thu, 05/10/2007 - 12:49 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dodie,

Welcome to Mortgagefit discussion board.

Don't get confused :)

Actually it is quit claim deed and people misspell it as quick claim deeds. Thats all.

If you are going to use quit claim deed for transferring property to someone, then I would suggest you go through this page to know more about how it is used in property transfers: http://www.mortgagefit.com/quitclaim-deed.html

Do let me know if you have any other questions.

Thanks
Blue

Like | Dislike | Share | Posted: Thu, 05/10/2007 - 13:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I have been living in my parents home in Alaska and paying the Mortgage for 18 years with the agreement that it would be our when payed off. They (my parents) moved back 10 years ago and told us they would build a cabin on the property because the house was ours. They tried to take out an Equity loan but had not found jobs yet so the banker suggested adding my Husband and I to the Title and having us get the Equity loan. That is what we did. Now with 4 years left on mortgage and equity loan with 2 payments left we (my Husband and I ) have a falling out with the Parents and they are kicking us out. Since we are on the title what are our rights? And can they remove us from the title without our knowing?

Like | Dislike | Share | Posted: Sun, 06/03/2007 - 18:32 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Charise,

After you sell your property you will not remain owner. The owner will be the person to whom you will be selling it.

Let me also add the lender will not agree to add you to the loan as after selling the property you will not have any rights over it. And the lender would require everyone on the loan to have ownership rights over the property.

Miller

Like | Dislike | Share | Posted: Tue, 06/26/2007 - 13:15 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi i want to sell my property to a family member and then be added on to the new loan after it has been recorded. how do i do this and still be owner of the property?

Like | Dislike | Share | Posted: Tue, 06/26/2007 - 12:49 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:13470cc27d]they are kicking us out. Since we are on the title what are our rights? And can they remove us from the title without our knowing?[/quote:13470cc27d]

Hi Laurie,

They cannot remove you from the house. Both of you have ownership rights over the house as you were added to the title.

You have as much rights on this house as they have and they cannot remove you from the title without your signatures on some property transfer deed. Did you sign on anything?

If you haven't signed any kind of property deed for transfer of your interest then both of you are still co-owners along with your parents.

As they are your parents I don't thing they seriously mean to have you out of the house. After a few days when the things settle down they would stop behaving like you are not required in the house. :)

Like | Dislike | Share | Posted: Tue, 06/26/2007 - 13:48 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

mom quick claimed deed house in 3 children name 11 yrs ago Can assisted home take money on sale of house

Like | Dislike | Share | Posted: Thu, 08/02/2007 - 18:02 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:369851121e]mom quick claimed deed house in 3 children name 11 yrs ago Can assisted home take money on sale of house[/quote:369851121e]

Donald, as your mom had quit claimed the house 11 years ago, proceeds from house sale will not be taken for payment of assisted living she is receiving.

Miller

Like | Dislike | Share | Posted: Thu, 08/02/2007 - 18:26 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Donald,

Across the U.S., monthly average charge for assisted living is $1,800. Generally, the family members pay the cost of assisted living.

If no one in the family pays for the cost, then proceeds from the sale of the house can be used to pay for the assisted living.

Like | Dislike | Share | Posted: Sat, 08/04/2007 - 01:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my grandfather is terminally ill and has a lot of unpaid medical bills. my father's name is currently on the deed to my grandfather's property. my dad wants to take his name off of my grandfather's deed--in fear of being stuck with my grandfather's debt after he passes. my dad was planning on doing a quitclaim deed...however, is a warranty deed better? my dad has no interest in my grandfather's property whatsoever. what are your thoughts? Thanks!

Like | Dislike | Share | Posted: Sun, 08/19/2007 - 15:17 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mackenzie,

It seems that you have already asked a similar question earlier in the forum. I have replied to you there. To view what I have suggested, please refer to: http://www.mortgagefit.com/quitclaimdeed/warranty.html

Like | Dislike | Share | Posted: Sun, 08/19/2007 - 23:39 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm selling my house to my cousin for financial reasons, but I would like to purchase it back from him within six months. Would a quit claim be the way to go to get my name back on the title?

Like | Dislike | Share | Posted: Tue, 08/21/2007 - 20:08 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pete,

Welcome to the forum.

You can use both a quitclaim deed or a warranty deed to get your name on the title. But when you wish to purchase the house after 6 months, it will be better if you use the warranty deed as it warrants that the person transferring the property is the legal owner of the property before the transfer. You don't get such assurance with a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url]. But for transferring property rights through a warranty deed, the proeprty should be clear off any lien on it. To know more on why a warranty deed is better than a quitclaim deed, you may refer to: http://www.mortgagefit.com/quitclaimdeed/land-purchase.html

Like | Dislike | Share | Posted: Wed, 08/22/2007 - 00:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Everyone,

Wow, this is a wonderful forum!! I like it. There's so much great information to read. I have a few questions.

My cousin had a Grant Deed in her name (a single woman). In February, she quitclaimed the deed to my mom. However, the mortgage (still in my cousin's name) was not paid off yet. So my mom made the last payoff to the mortgage on March. The bank sent documents and reconveyance papers to my cousin just a week ago saying that everything has been paid in full and satisfied. She gave my mom the documents. (1) Does this mean my mom has the complete property and all the rights to it as the date of the last documents received? (2) Can my mom use a Grant Deed or Warranty Deed to give the property to her 7 children? and (3) Isn't there something we can do that makes the property it's own entity (where it is safe from ANYTHING) and have all 7 children be trustees/owners of the property where if one child messes up in life, it wouldn't affect the property for the other siblings?

Thanks all!!

Rebecca

Like | Dislike | Share | Posted: Sun, 09/16/2007 - 22:35 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

When your mom has received all the documents of the deed from her cousin and the mortgage is also paid off, then it means that she has gained her complete property ownership rights towards it. And I think your mom should use a grant deed to transfer the property to her 7 children as this type of deed will help to transfer the ownership and at the same time ensuring that no other person can claim any rights on the property after the transfer.

After the property is transferred, each of the children will receive their individual shares. And even if one child messes up his property, it will not have an impact on the properties of the other siblings.

Like | Dislike | Share | Posted: Sun, 09/16/2007 - 23:32 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rebecca,

Thanks for the appreciation. :)

If the loan has been paid off and your cousin has received the reconveyance papers, then your mom need not worry. Now, she will be the owner of the property with all rights on it. And, she can transfer it to whoever she wishes to. But the heirs need to be careful about taking any loan against the home and paying off property taxes because any unpaid debt on the home be it loan payments or back taxes may lead the heirs into trouble. There's the possibility that they may lose the home if they cannot fulfill the financial obligations attached to the home.

Good luck

Like | Dislike | Share | Posted: Tue, 09/18/2007 - 11:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My 80 year old friend was taken to daughters attorney 3 weeks after her husband died. They had her sign lots of papers, the daughter told my friend she had to do this. One of the papers were to sign was to make her daughter joint tenant on her home. She said it was a warranty deed that was filed. Can she do anything to get her home back?

Like | Dislike | Share | Posted: Thu, 09/20/2007 - 10:24 | Post subject:

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jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Doris,

Welcome to forums.

If it's a joint tenancy on the property, then your friend is co-owner. In that case she already occupies a certain part of the property. However, if she wants to get back the entire share of interest in the property, then that's a different issue and she will have to wait till the daughter agrees to give it her back.

Thanks

Like | Dislike | Share | Posted: Fri, 09/21/2007 - 11:28 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had an attorney draw up a warranty deed conveying the property to my wife from me.In looking at the deed there is a one-half undivided interest in and to clause in this.Does this mean we still both have ownership?

Like | Dislike | Share | Posted: Sun, 09/23/2007 - 15:11 | Post subject:

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larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi John,

In the warranty deed, if it is mentioned that a portion of the property is in undivided interest, it means that the ownership of that portion of the property is in both of your names. But if you are conveying the entire property to your wife, then in that case, there should not be written something like this in the deed. You should talk to the attorney about this and ask him to make the required correction on the deed.

Like | Dislike | Share | Posted: Tue, 09/25/2007 - 00:44 | Post subject:

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