When it comes to real estate what is the difference between a grant deed and quick claim deed?

Question

1. What is the difference between a quick claim deed, and a grant deed?
2. To take someone off of the property (buy out) what form do we need to have that one person released from the property.?

Answer 1

Grant deed is one person Granting the property to another. Usually to a person who is not already on it.

Quitclaim deed is taking your name off, leaving the other person on title

Interspousal transfer deed is transferring the property from one spouse to another.

To have someone taken off the propery, a quitclaim deed will usually do the trick- however, if you are refinancing, some lenders prefer using Grant deeds regardless of the circumstance.

Answer 2

Both deeds give up your interest in a property. However, a grant deed states that the property has not been granted to anyone else and there are no liens on the property. The quitclaim deed doesn't gaurantee this and is mostly used to correct information on title (cloud on title) or transfer between a spouse to another spouse in a divorce.

"2. To take someone off of the property (buy out) what form do we need to have that one person released from the property.?"

Quitclaim


Regards

Answer 3

A quit claim deed is a type of deed where a grantor, a person who owns an interest in a property, transfers all his interests to someone else. The grantor offers no guarantees about the title to the recipient, who is called the grantee.

A Grant Deed is a form for the conveyance of interest in real property (real property is land and anything permanently fixed on the land, such as a house). To be effective, a Grant Deed must have a "grantor" (person conveying the property), a "grantee" (person receiving the property", be in writing, be signed by the grantor, and must be delivered to and accepted by the grantee.

Either could be used, depending on the situation....grant deed is probably used more often for "regular" situations.

--j.

Answer 4

1.) A quitclaim deed is a deed to relinquish any interest in the property which the grantor may have, without claiming to have an interest. So to give up so to speak.

A Grant Deed is a deed that grants interest in a property to another person. From one to another.

So one is giving up interest, and one is to grant interest. Depending upon the state the transaction is taking place would be if one or both are needed.

To answer your 2.) question, you will need a quitclaim deed to be signed by the person giving up interest. And you may also need the Grant Deed signed, again, depends upon your state. Call a local title or escrow company for the final say so.

Answer 5

First, it's a 'quit claim deed', not a 'quick claim deed', and the definition is as follows:

"A quit claim deed is a type of deed where a grantor, a person who owns an interest in a property, transfers all his interests to someone else. The grantor offers no guarantees about the title to the recipient, who is called the grantee."

Some states will not grant quitclaims on properties because of future legal rammifications. A grant deed transfers full property ownership to another individual. Some states will only accept Grant Deeds for property sales for this reason.

Answer 6

1.The difference between a grant deed and a quit claim deed is that with a quit claim deed you are simply saying " I have no interest if any on this property " but this deed does not guarantee anything on the transfer. A transfer with a Grant Deed which is more commonly is more secured and it implies that the person transfering owns the title. 2.The reason why your property would NOT receive a re-assessment during a transfer is if the transfer is made between directly related family (father/mother to son/daughter only not sibling to sibling) so I can say that you are on the clear on that issue. 3. If you owned your property out-right (no liens-mortgages) then you would be safe using a grant deed. But if you currently have a mortgage, then everything changes since I imagine the loan is under your name. If this is the case you cannot completely transfer the title to your daughter because the loan given to you is securitized with the title to your property, if you dont actually own this property how can the lender securitize that loan?? Refinancing could solve your dilema if you have a mortgage on that home. Disclaimer: Contact a title company to obtain expert advice regarding title issues and how to hold title.

Answer 7

Many definitions and many advices to choose from....Well all I have to say is that I know the law I have to abide by and I cannot give you legal advice how to proceed and use each deed but I think I can explain to you how each are different/similar from each other.

As explained before they both give up interest in the property. The difference between the two is that the "quit claim deed" (not "quick") does not guarantee the title is free and clear to transfer. The grand deed does guarantee it. As someone mentioned it above the quit claim deed is normally used to correct information on the title or add/transfer the title between spouses.

Good luck

Answer 8

Grant Deeds are always preferrable to Quitclaim Deeds. I can quitclaim the Golden Gate Bridge to you .. it more or less states that any interest I MAY hold I'm transferring. A Grant Deed states the interest I DO hold is being transferred.

In some states, if you go to sell down the road, a Grant Deed won't raise as may flags as a quitclaim. In Ca. if you were to use a Quitclaim the title company would probably require you to go back to the transferring party to obtain a Grant Deed.

Most counties also require something similiar to a Change Of Ownership Report. Check with your county recorder to determine what documentation they require for transfers.

Good luck :)

Answer 9

A Quit Claim Deed only conveys whatever interest the person may have in the property. Grant Deed? If it is like a Warranty Deed, it is conveying exactly what is stated as real property on the deed, not just the interest the grantor may have.

How is title currently held on the property? Quit Claims usually suffice but check with an attorney.

Answer 10

You would need a quick claim deed to remove someone from property. The grant deed is from the bank. One thought though, if both of your were on the loan and you grant deed them off, they will still be on the loan. The only way to avoid this is to refinance, in which case you would not need to use a quick claim as you would be changing the grant deed.