quitclaim deed vs grant deed This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you Grant Deed vs Quit Claim Deed. Following along are instructions in the video below:
“Remixed aerosol agents hope you having a great start to a week and everyone getting getting ready for the holidays coming up here on thursday. Oh. So i wanted to you a quick monday. Tip going over grant deeds versus quit claim deeds a little bit about the difference.
So is a lot of you i m sure have had clients who have transferred ownership prior to you taking a listing. Where they had supplied a quitclaim deed on the property and only to find out that even though they got transferred the property from somebody else a spouse or relative or whatnot utilizing..
A quitclaim deed you get in the escrow escrow has the parties go ahead and get a new one ree signed again hopefully. The person s alive. Hopefully they re still on the same page with regards to signing over another quitclaim deed. Or even a grant deed and so the reason.
Why that occurs where title ends up requiring this to be reassigned again is mainly because at the time of transfer or on that quick claim they did not utilize any title insurance. So there wasn t anybody ensuring the clear title of the property or the title transfer of the property..
So that causes obviously a new title company to question whether that was done properly or not or the party actually did sign it so then it requires it to be reassigned again and i ve had instances where they were buying out another party and that s what caused them to go ahead and now sign the quit claim do you know years in the past and all of a sudden now they re not so much on the same bandwagon of transferring title again and they re causing them to go ahead and have to pay another fee in order to do so. So anyways. If you re dealing with a client who prior to you getting a listing or in this process of you already having their listing and they re doing a title transfer from utilizing. A quick claim be make sure you still have title insurance obtained on that so that going forward when you are transferring it to a new buyer you don t have to go back and have that reassigned again.
Now the difference between a grant beat and quickly indeed is that a grant deed is actually transferring title ownership of the property from one party to the next. Such as husband to husband and wife or wife to wife and husband relative to another member obviously a buyer to a seller or i m sorry seller to a buyer..
Whereas a quitclaim deed is transferring interest in a property. And it also could be transferring title to the property. But well now when i say interest it could be a husband and wife or wife and husband. Where one s transferring to the other party or they they acquire the property under their only or not only under their own name as opposed to utilizing both parties and so they re conveying their interest that they may have so it doesn t mean that they actually have interest it could be that they may have interest in the property.
And they re conveying whatever interest. They may have to the other party..
Okay. So that s the difference from a grant deed to a quitclaim deed quitclaim deed is transferring interest that they may have in the property or actual ownership of a property to somebody else and whereas a quick grant deed is actually transferring title ownership to that party so anyways hope that helps you out a little bit gives you a little bit more clarification and when you utilize what and if you run into that scenario of already being done. Then you can go ahead and and get that corrected later on anyways looking forward to seeing you guys soon. We have an upcoming meeting which i ll announce that in a separate video.
So that nobody misses this and i hope you guys have a wonderful ” ..
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