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Before Requesting Us To Prepare Your Deed -
Please Read The Following
Q. - What is the Difference Between a Warranty Deed and a Quit Claim Deed ?
A. - Both types of Deeds convey all of the interests in the property which is owned by the Grantor ( Seller ) at the time the deed is executed. - i.e. - the Grantee ( Buyer ) gets all the interests owned by the Grantor at the time of execution.
There are two basic differences between the types of Deeds.
- A Warranty Deed warrants or guarantees that the Grantor has full and complete title, free and clear of encumbrances, except those noted on the deed - and contains a promise that if the title is challenged, the Grantor will defend the title.
- A Warranty Deed also serves to convey the interest of the grantor which he may acquire after the execution of the deed.
In most cases where a contract is entered for the purchase and sale of real property, the contract will call for a Warranty Deed which guarantees title.
Where the property is given as a gift - or as a result of property settlement agreements in a divorce - or to settle disputes over title - or where one joint owner intends to convey his or her interest to another joint owner - or where the parties agree that title might not be certain, the Quit Claim Deed is commonly used.
Q. - What is 'JOINT TENANCY' ?
A. - 'Joint Tenancy' is an estate in property, title to which is held in the names of two or more persons - each of whom have an undivided interest in the property.
Upon the death of one, that person's interest passes to the 'survivor(s)'.
Property held in Joint Tenancy is not a part of the 'probate estate' of the decedent.
To create a joint tenancy estate it is necessary to make the establishment of this
estate clear on the deed, title or certificate of ownership, by the use of the words -
as 'joint tenants, and not as tenants in common,
with full rights of survivorship.
Sometimes people attempt to create a 'joint tenancy' by the use of the words - 'and or'.
- In most states this merely gives either of the persons the full title to personal property - and a tenancy in common in real property.
- We recommend that the 'joint tenancy' estate, in most cases only be used - when the property is jointly acquired - the parties are husband and wife - or a single person and an adult child who is an only child. There are many exceptions to this general rule, and before making your decision discuss the options with your attorney.
- Never - Never, ever create a 'joint tenancy' with a minor child!
The most important consideration in creating a 'joint tenancy' is that both parties actually want the property to pass to the 'survivor'.
FAQ - Pre-Nuptial Agreements - Ante Nuptial
- Serious problems can arise when you create a 'joint tenancy' in the names of more than one person - people don't always die in the proper order! - or when the 'joint tenant ' is one of several adult children, and you expect that child to be 'fair' with the others!
- If you put one adult child's name on a bank account for 'convenience only', unless you want that child to have the whole account on your death, be sure that your bank does not create an ownership or joint tenancy interest in the account in the name of the adult child!
- Caveat: - Joint Tenancy is a good estate planning tool - but whenever you put someone else's name on title to your property, be absolutely sure you know the full legal consequences. You should consult with your attorney to determine whether whether a 'Joint Tenancy' does what you want and expect it to do.
- Creation of a 'joint tenancy' is irrevocable without the 'consent' of the other joint tenant
If you want to deed the property to someone, and make the deed take effect only upon your death - yet maintain full contol over it - and maybe even change your mind & revoke the transfer - you may want to look at a Transfer on Death Deed