Quit Claim Deed vs. Warranty Deed

Quitclaim Deed vs. Warranty Deed explained by Attorney David Soble. A Michigan Real Estate attorney.
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[@rafaelmclinden9221]

Very clear and straightforward. I’m 23 and about to buy my first piece of land, thank you for helping out

[@ProvenResourceFarmingtonHills]

M pleasure. Please share the info with your friends and fellow investors.

[@shanisserota1622]

I'm a Real Estate virtual assistant and this really helped me. Very informative. Please continue to make videos like this. Thank you.

[@davidsoble4356]

Thank you for feedback. My staff and I continue to source great real estate law questions from our clients and friends. You can see more at www.ProvenResource.com if you have more legal concerns.

[@ProvenResourceFarmingtonHills]

Glad it was helpful!

[@blujay9191]

This was excellent. Clear, concise. Exactly what I was hoping it would be. By the Grace Of God I find myself in my retirement able to simply give my house to my son and his family without facing any hardship myself. Since the property was owned by my mother and then myself for he past 50 years, my thinking is that a 'quit claim deed' would be sufficient. I am now on the hunt for equally straightforward advice on whether to simply gift the property or to sell it for the very legal minimum to minimize his tax liability.

[@davidsoble4356]

I am glad that you found it helpful - Take care!

[@christianbailey4488]

Very clear & precise explanation, thank you sir!

[@ProvenResourceFarmingtonHills]

Glad it was helpful! Thanks for the complement. Let us know what topics in real estate and contract law are of interest to you.

[@Honestandtruth]

Clear and Concise and Very informative and Helpful. Thank you Sir...👍👍👍

[@davidsoble4356]

I am glad you found it helpful. If you have topics that you would like us to touch upon, please let us know.

[@Honestandtruth]

@@davidsoble4356 Recently, I just received your comment. Yes I have a question. When filing a Quitclaim Deed to a family member, Do we need to pay Tax ?????

[@davidsoble4356]

@@Honestandtruth In what state is the property located?

[@tedsterrett7204]

Hello sir, in 1990 we purchased a home at auction that was sold "AS IS", then we received the "Deed" in the mail along with information from the county showing what the amount of yearly taxes we would be required to pay. There was no mortgage but somehow we started receiving statements from a mortgage company and began paying a mortgage that we never applied for? Decades later I went to the county records office to get a copy of the Deed and the one that they gave me was not the same as the original Deed that was mailed to us? It had a seal from a title company and a signature on it and other changes to it. The original was recorded first and the other Deed was recorded 4 day later but they don't have the original Deed because we have it! Seems like a case of fraud to us! Any suggestions? Thank You sir.

[@TheMotionBboy]

Wow. Thank you.

[@ProvenResourceFarmingtonHills]

Our pleasure!! See more at www.Provenresource.com

[@ProvenResourceFarmingtonHills]

Glad you liked it. Thanks for feedback.

[@qhailey58]

I have 3 properties in my name. I want to put them in Business LLC, wHICH SHOULD i USE

[@denverrealestatebros1073]

Thank you! Do you have any tax advice videos for real estate?

[@ProvenResourceFarmingtonHills]

No, sorry. I leave tax advice to qualified CPAs.

[@santrader1707]

i didnt know David Paymer gives lawyer advice

[@aaraujo306]

What type of deed do I need in this case? My husband, sister, and I all are in the deed to our house because we were living together and used all our incomes towards the mortgage. 3 years later, my sister is getting married, is moving out with no more interest in the house, and would like to be removed from ownership. My husband wants to prevent in the case of an (unlikely) divorce of my sister, her or her husband having claim to our house. What kind of deed do we need so my husband and I have full ownership of the house to buy/sell/refinance/claim the house how we please?

[@ProvenResourceFarmingtonHills]

She can deed herself off the title. Contact an attorney to draft the deed properly.

[@DT-we2ye]

Which deed is appropriate if I want to move title from myself individually to my living trust (where I am the trustee and trustor), and I have an existing mortgage on the property?

[@ProvenResourceFarmingtonHills]

Without knowing much about your particular circumstances, generally any deed should convey an interest, it is what representations and warranties you receive from the deed itself that matters. FOR EDUCATIONAL PURPOSES- THIS IS NOT LEGAL ADVICE.

[@DT-we2ye]

@@ProvenResourceFarmingtonHills thanks!

[@gina4319]

let's say I buy a foreclosure from one of these auction houses and I get a Quitclaim Deed. what's the necessary steps to change to a warranty deed

[@ProvenResourceFarmingtonHills]

Very good question. Property interests can be conveyed by a special covenant deed, warranty deed, or quit claim deed. The grantor transfers whatever interest they have at the time of conveyance. A grantor in a quit claim deed does not warrant the quality of their title interest to the grantee, while a warranty deed comes with such warranties of marketable title. Unless the grantor wants to replace the quit claim deed with a warranty deed (which is highly unlikely in a foreclosure or sheriff sale) you will be stuck with a quit claim deed.

[@gina4319]

so is it safe to say if I purchased a property with a quit claim deed and then made sure it's free and clear of all liens (clear title) then I could offer the property with a warranty deed to a prospective buyer?

[@ProvenResourceFarmingtonHills]

@@gina4319 If you had clear title you could feel comfortable providing a warranty deed. However, as a seller, unless you were requested to provide a warranty deed, I am not sure why you would do so.

[@AnnMitt]

What is the best way to add my husband to the title of my house that I bought 25 years ago? I want to add him to the title, not remove my name.

[@ProvenResourceFarmingtonHills]

You can do that, but to ensure it is done right, you should have a real estate attorney draft the deed. The cost should be about $100 on average, which far outweighs the cost and legal consequences of doing it wrong. Good luck.

[@welcomendingatv9020]

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