Posts Tagged ‘quitclaim deed’

The Difference Between Quitclaim Deeds and Gift Deeds

Friday, March 14th, 2014

Quitclaim deeds and gift deeds accomplish similar ends, but there are slight differences in the two that inform under what circumstances they should be used. In this week’s blog, we’ll discuss the differences between quitclaim and gift deeds, when they should be used, and their limitations.

Quitclaim Deeds

Quitclaim deeds can be used to transfer ownership of a property between two parties, with or without compensation. If there is a payment involved, it has to be noted on the deed, reported on federal tax returns, and sales tax will be assessed to the grantor. Quitclaim deeds are commonly used in a divorce as a way for one spouse to transfer his or her ownership of the property to the other. However, although the grantor transfers his or her ownership, quitclaim deeds “do not relieve the grantor from any debt or encumbrance on the property, including mortgage payments or tax liens. Neither do quitclaim deeds transfer ownership of any possessions on the property’s premises.”

Gift Deeds

Gift deeds are usually used when the sole owner of a property wants to transfer ownership to another party. This makes them common among relatives and friends. Gifting property has to be reported on federal tax returns. If there are any encumbrances on the home, the donor of the property is still financially responsible for them.

 

types of property deeds

 

American Home Title Group has been helping Marylanders with their title needs for over 25 years. In the ever-volatile real estate industry, a company’s longevity can be attributed to the quality of its work. With more than 120 years of experience in real estate and titles, American Home Title Group is your Howard County title company ready to provide you with the best experience possible in every capacity.

To get you started on the way to titling your home, try our free title settlement quote program here. You can fill it out for a free, no obligation title quote. It’s easy and fast so you’ll have the information you need in seconds. Contact us for more information about our title and other real estate services.

As your title company, American Home Title Group is ready to assist you today with a variety of real estate needs you may have. Contact us now to begin your home titling process. Our phone number is 410-750-8500. To reach us via email, please send a message to info@americanhometitlegroup.com. Follow our blog and keep up with us on Google+, Facebook, and Twitter.

 

Source

http://homeguides.sfgate.com/quitclaim-deed-vs-gift-deed-1494.html

 

Tags: ,
Posted in Deed Preparation | Comments Off

Types of Property Deeds

Friday, February 7th, 2014

A property deed is a physical, legal document that conveys ownership of the property to the holder of the deed. Your Baltimore title company can help you prepare and transfer your property deed for a real estate transaction whether you are the buyer or seller. There are several types of property deeds, which we’ll cover in this blog.

 

Grant Deed

The grant deed “states that the property has not been sold by the seller to anyone else and that the property is not burdened by any undisclosed encumbrances (e.g., a mortgage or lien). The word grant comes from the idea that this deed grants transfer of the title from the owner to the buyer.

Warranty Deed

The warranty deed is similar to the grant deed, but also includes a clause stating that the owner essentially guarantees there are, nor have there ever been in the history of the property’s ownership, no encumbrances on the title. The owner will compensate the buyer if title issues do arise.

Quitclaim Deed

The quitclaim deed says that the seller of the property quits the claim they have to ownership of the property. It doesn’t not transfer their rights to the property to the buyer, so much as it gives up those of the owner. Quitclaim deeds are used more often when properties are transferred among family members or corporations.

types of property deeds

 

American Home Title Group has been helping Marylanders with their title needs for over 25 years. In the ever-volatile real estate industry, a company’s longevity can be attributed to the quality of its work. With more than 120 years of experience in real estate and titles, American Home Title Group is your Howard County title company ready to provide you with the best experience possible in every capacity.

To get you started on the way to titling your home, try our free title settlement quote program here. You can fill it out for a free, no obligation title quote. It’s easy and fast so you’ll have the information you need in seconds. Contact us for more information about our title and other real estate services.

As your Howard County title company, American Home Title Group is ready to assist you today with a variety of real estate needs you may have. Contact us now to begin your home titling process. Our phone number is 410-750-8500. To reach us via email, please send a message to info@americanhometitlegroup.com. Follow our blog and keep up with us on Google+, Facebook, and Twitter.

 

Source

http://www.realtor.com/home-finance/homebuyer-information/deed-preparation-and-real-estate-transfer.aspx

Tags: , , , ,
Posted in Deed Preparation | Comments Off