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Deeds

What is a deed?

A quitclaim deed transfers whatever ownership interest a person has in a property. It makes no guarantees about the extent of the person's interest. Quitclaim deeds are commonly used by divorcing couples; one spouse signs all his or her rights in the couple's real estate over to the other. This can be especially useful if it isn't clear how much of an interest, if any, one spouse has in property that's held in the other's name. (However, a quitclaim deed doesn't relieve the individual transferring ownership from the mortgage, if there is one.)

Quitclaim deeds are also frequently used when there is a "cloud" on title -- that is, when a search reveals that a previous owner or some other individual, like the heir of a previous owner, may have some claim to the property. The individual can sign a quitclaim deed to transfer any remaining interest.

A grant deed transfers ownership and implies certain promises -- that the title hasn't already been transferred to someone else or been encumbered, except as set out in the deed.

A warranty deed transfers ownership and explicitly promises the buyer that the transferor has good title to the property, meaning it is free of liens or claims of ownership. The transferor guarantees that he or she will compensate the buyer if that turns out to be wrong. The warranty deed may make other promises as well, to address particular problems with the transaction.

Joint Tenant- is a way for two or more people to share ownership of real estate. In all but a few states, the joint tenants must own equal interests in the property; for example, if you buy a home with two others, you each own a one-third interest.When one joint tenant dies, the remaining owners automatically own the deceased owner's interest in the property. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, a will is not required to transfer the property; the property goes directly to the surviving joint tenants without the delay and costs of probate.

Tenants in common- is another way that two or more people can own real estate together. Unlike joint tenants, tenants in common can hold property in unequal shares. And each of you can leave your interest to beneficiaries of your choosing, it won't automatically go to the surviving co-owners. In some states, two unmarried people are presumed to own property as tenants in common unless they've agreed otherwise in writing. Depending on where the property is, married couples may also take title as "tenants by the entirety" or as "community property" or "community property with right of survivorship." Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. (And in Alaska, spouses can sign an agreement making specific assets community property.)

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