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Grant Deeds and Quitclaim Deeds
Grant DeedThis document is the most commonly used to transfer ownership or to make changes to vesting and the way title is held. A Grant Deed contains an implied promise that the person(s) transferring the property actually owns the title and that it is not encumbered in any way except as described in the deed. You may use this document to add or remove owners, remove a cosigner to your property, transfer your property into your living trust, or to complete transfers from certain court orders.Example #1: John owns Black Acre Estates as a sole owner. He wants to add his son Bob as a Joint Tenant so that if John passes away then Bob can inherit his fathers portion of Black Acre Estates without probate. He will use a deed to add Bob on the property with him. Example #2: John and Mary purchased a house and were unable to qualify for a loan themselves. So they had Aunt Judy on the title with them in order to qualify for financing. Aunt Judy can then use a deed to transfer the property back to John and Mary since she was only on title for financing purposes. Example #3: John and Mary have created a living trust in order to avoid probate. John and Mary now need to transfer the title on the property into their living trust. John and Mary will deed the property from them as husband and wife to them as trustees of their living trust. Example #4: Mary sued John and the court awarded Mary 1234 Blackstone Ave. as a settlement. Mary can record the judgment and transfer the deed to her own name. Contact us at 1-800-550-5490 for assistance in preparing and filing this form. Preparation Cost: Grant Deed - $95.00 + filing fees / notary fees (approx. $25-$40) |
Quitclaim DeedThis document is used to transfer ownership interest the transferor has in a particular piece of property. This deed does not guarantee anything about the property that is being transferred.Example: John and Jane are getting a divorce. John has an investment property called Black Acre and she is neither on the Deed or wants anything to do with that property. Jane, as the divorcing wife may transfer her community property interest in the real estate to her ex-husband, officially giving up her legal interest in the property. Contact us at 1-800-550-5490 for assistance in preparing and filing this form. Preparation Cost: Quitclaim Deed - $95.00 + filing fees / notary fees (approx. $25-$40) |
Commonly Used Vestings
When preparing a deed, you must choose a legal vesting. Please conduct your own research and evaluate each vesting closely and choose one that is appropriate for your needs. This information is general knowledge and should not be used as legal advice. The vestings listed are the more commonly used vestings and not a complete list of all available vestings.| SEVERALTY (SOLE OWNERSHIP) |
Description: When property is held in severalty it simply means that the sole ownership of
an entire property is owned by one person or a corporation. Example: John decides to buy 1234 Green Avenue and is the only owner. He is owns the property in severalty. No special vesting is necessary. |
| JOINT TENANCY
WITH RIGHT OF SURVIVORSHIP |
Description: Joint tenancy requires 2 or more owners and all owners must take ownership
in equal percentages. An advantage of joint tenancy is avoiding the costly and time
consuming probate court process. Once a joint tenant passes, the ownership is divided
equally to the surviving owners. A joint tenant cannot will his ownership. However, a joint
tenant may sell his/her interest but any portion sold will bring the new owner into tenants
in common with the other owners who will continue to be joint tenants. Example: John, Dave, Mary, and Bob own 1234 Green Avenue as joint tenants. Since there are 4 owners, and the ownerships must be equal, each person owns 25% of the property. None of the owners may will the property. Bob decides that he wants to sell his 25% ownership to his friend Robert. John, Dave and Mary are still joint tenants and Robert is tenants in common with the other 3 owners. Dave passes away 8 months later. Since Dave is a joint tenant with John and Mary, they will inherit Dave's 25% ownership automatically without probate. So now, John owns 37.5%, Mary owns 37.5%, and Robert (tenant in common) still owns 25%. |
| TENANTS IN COMMON | Description: Tenants in common occurs when two or more people who own property
together with the right to will or sell it (without survivorship rights or community property
rights). Tenants in common can have equal or unequal shares. Since there is no right of
survivorship, in the event of an owners death, the property will need to go through probate
court. This is a drawback since probate court can be very costly and take months to years
to complete. Example: John, Dave, Mary and Bob all own 1234 Green Ave. together. They each own 25%. They all have to right to will the property to their heirs upon their death. They may also sell their share of the property anytime. Bob passes away. Bobs interest in this property must go through probate proceedings and will eventually be transferred to his beneficiaries. |
| COMMUNITY PROPERTY | Description: Community property refers to all property acquired by husband and wife
during their marriage. The property can only be transferred upon both husband and wife
signing the transfer documents. The property can be willed to their heirs, however it still
must go through probate proceedings. This vesting is primarily used in community
property states such as California. Example: James and Janet are married and have just purchased a house. The house is owned as community property. They can each will their interest to whoever they want to. In the event that one person wants to sell his/her interest, both husband and wife must sign the transfer documents. Also if anyone passes away, the property must be probated. |
| COMMUNITY
PROPERTY
WITH RIGHT OF SURVIVORSHIP |
Description: Community property refers to all property acquired by husband and wife
during their marriage. The property can only be transferred upon both husband and wife
signing the transfer documents. The main difference in community property with right of
survivorship is that the property cannot be willed. The property will automatically be
transferred to the surviving spouse without probate. This vesting is available in California,
Nevada, Arizona, Texas and Wisconsin. Example: James and Janet are married and have just purchased a house. The house is owned as community property with right of survivorship. James passes away in a accident. Janet will now inherit James 50% of the property without having to deal with the costly and time consuming probate court process. |
| LIVING TRUST |
Description: A living trust is an estate planning tool that is similar to a will. A trust provides
instructions on how the decendants property will be transferred upon death. The major
benefit of a living trust is that it will avoid costly and timely probate proceedings. If a
person has a living trust, he/she/they must transfer the real property into the living trust. Example: John and Mary created a living trust. John and Mary must now fund their trust by transferring the real estate that they own into the trust. Upon death, the successor trustee will transfer the property the beneficiaries. |