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The quit claim deed is not as some might call it, a quick claim deed. It is instead a legal property process where one party in essence quits his or her interest in a parcel of real property. It is a simple process, but the effect is very far reaching because if you sign this legal instrument you relinquish all rights to the real property in question.
So do not sign this type of deed without consulting a real property lawyer. You might of course already have decided to give up property rights on your property.
If so, depending on the area you live, you first should call a title company in your area. Look on the internet or in your phone directory.
They can arrange the entire process for you; they will have all the documents you need to sign and have a notary public available to witness your signing. There is a small fee involved and you will have to also pay for the notary public.
One common reason people go through this legal procedure is because of divorce. If the people who were once married own a piece of property as joint tenants and one wants to sign off his or her rights to the property, he or she will use a quit claim deed. In some cases one party will pay the party who is quit claiming the land. The amount the person who is quit claiming receives depends on how much the parties agree is the fair price of that person’s interest in the land.
This type of deed transfer has been in the news lately because of the foreclosure crisis. There have been people who are taking advantage of people who are facing foreclosure. The people who practice dishonest methods persuade people to sign over their homes convincing them that by doing this the homeowner will avoid foreclosure.
The problem however is that the homeowner is still liable to the lender who financed their home purchase. This is because even if you turn the property over to someone, this does not extinguish the original loan on the property.
The person who convinced the homeowner to sign the property over sells the property. He takes all of the equity in the house and leaves the original home owner with no home and a large debt to the original owner. This is why if you are facing foreclosure, you have to be careful before signing any documents.
Make sure you consult with a real estate lawyer before any land agreements. You can also call your local consumer affairs department and find out more information about deeding your property when you are facing foreclosure. You might be in a situation where you owe more money on your property than what you can sell it for in today’s market.
This is what is known as being under water. But realize that simply signing the deed over to someone will not necessarily relieve you of your financial obligation to the original lender. Do not let anyone convince you that a quit claim deed in the answer.

There are many different types of Deeds which can be used to convey real estate. Many of our buyers, especially buyers who have previously owned real estate, want to know what type of deed we use to grant ownership of property to you, the buyer. I’ll explain this in detail, but I’d also like to discuss several other types of Deeds, and the advantages and disadvantages of each.

Warranty Deed

The Warranty Deed is the most common type of Deed used in Arizona because it offers the best protection to the buyer. In Oregon, Warranty Deeds are also commonly used. In California, Warranty Deeds are also used, but they are uncommon. The closest equivalent to a Warranty Deed in California is a Grant Deed, but in this discussion I will use Warranty Deed to also mean Grant Deed.

The Warranty Deed contains three warranties. These warranties are promises that the seller makes to the buyer regarding the condition of the title to the property.

The first promise is the Covenant of Seisin. By the Covenant of Seisin the seller warrants that he or she actually owns the property and has the right to sell it.

The second promise is the Covenant Against Encumbrances. Like the name implies, this is the seller’s promise that the property is free and clear of any encumbrances (liens, loans, mortgages, taxes, etc…).

The third promise is the Covenant of Quiet Enjoyment. This obligates the seller to defend the title against any claims as of the moment the deed is delivered to the buyer. In other words, if a third party appears two years after the warranty deed has been delivered to the buyer, and claims to have an interest in the property, the seller is required to defend the title which was given to the buyer.

We always use Warranty Deeds to convey land to our buyers when the land is paid in full. Remember, when you purchase property, always insist on obtaining a Warranty Deed when the property is paid off!

Bargain and Sale Deed

A Bargain and Sale Deed is a much weaker instrument than a Warranty Deed. When a seller uses a Bargain and Sale Deed, the buyer does not get any of the three covenants that a Warranty Deed conveys. In addition, the seller is under no obligation to defend the title.

Quitclaim Deed

The third and final type of commonly used Deeds is a Quitclaim Deed. This is, without question, the weakest instrument one could use to convey property. Where a Warranty Deed guarantees that the seller owns the property, and is selling it to a buyer, and will defend the title and give the three promises, the Quitclaim Deed contains none of these guarantees.

Basically, a Quitclaim Deed states — IF the seller has an interest in the property, they are giving it to the buyer. Notice the word IF. In other words, “if it turns out that I have an ownership in this property, then I’m giving whatever interest I may have to you, Ms. Buyer.” It would be perfectly legal for me to give you a Quitclaim Deed to the White House — if I have an interest in it, I’m giving it to you. There are no guarantees with a Quitclaim Deed, and the seller is making no promises. Obviously, we never use Quitclaim Deeds to convey any of our land parcels. It just doesn’t give the buyer any security.

Be sure to seek legal advise if you have questions about the different types of deeds used in real estate transactions. For more information about purchasing land thru an online land auction visit Radius Land.

Frequently I get asked this question: “I really want to start investing in tax liens, but I live in a deed state. Should I look into investing in tax liens in another state, or try to invest in tax deeds in my own state.” In this article I’ll give you what I recommend for investors want to invest in tax liens, but find that in their state they only sell tax deeds. It’s not a one-size fits all answer, it really depends on what your goals are and on your particular state.

You really have two options, either find a way to invest profitably in your state, or look at some of the online tax lien sales; you may even want to do both. First, find out what goes on in your state. Are there many deed sales? How often are the tax sales? How many properties are available and how competitive are they? You will actually have to go to some tax sales and see what they are like.

Some states just don’t have very much available, if that’s the case; you may want to try the online tax lien sales. Other states may be very competitive and properties may get bid close to market value. If that’s the case there is still a way that you may be able to profit from tax deed sales in your state. Some counties give the excess proceeds – that’s the amount that’s bid in excess of the minimum bid amount, back to the owner of the property.

Here’s how the excess proceeds strategy works in a nutshell. Instead of waiting for the tax sale you contact the owner of the property before the sale and see if they are going to let their property go for back taxes. If they have already decided to walk away from the property, perhaps they would be willing to give you a quitclaim deed to their property for a small fee. You record the deed with the county clerk a few weeks before the tax sale. Let the property go to tax sale and after it is sold you apply for the excess proceeds.

This strategy only works in a few deed states that give the excess proceeds back to the owner of the property – not all deed states do this. So before you try this strategy check with the county tax collector or county treasurer and make sure that the owner of record of the tax delinquent property can apply for the excess proceeds from the sale. Also you do have to check for any other liens, since you are buying the property from the owner and not purchasing the deed at the tax sale, you will be held responsible for any other liens on the property.

Deeds are simply documents that transfer title from one person to another. There are many different types of deed, but basically they just transfer title.

Let’s talk about a “quit claim deed”.

A quit claim deed is a type of deed where a person (grantor) with an ownership interest in a property transfers that interest to another person (grantee). The grantor offers no guarantees about the title to the grantee recipient. Don’t confuse a quit claim deed with the type of deed that is normally used to transfer title to real estate. That is most often a grant deed or a warranty deed. Those deeds transfer title with some guarantee that the title is legal and valid.

You sometimes hear a quite claim deed erroniously called a “quick claim deed”.

A quit claim transfers only the rights of the person signing the deed. It does not guarantee that other people don’t have an interest in the property. If there are other owners, their ownership is not affected by the quit claim.

You will find that a quit claim deed is most often used to clear up problems with a title or when someone wants to use a simple method to give up all interests in a property. Quitclaim deeds are sometimes used by a divorcing couple, where one spouse signs all his/her rights to their home over to the other.

It is not uncommon that when a property is being sold a title search finds that a mistake has been made in the past and a previous owner never relinquished his ownership in the property. That puts a “cloud” or “defect” on the title. The problem is solved by contacting the previous owner and asking him/her to sign a quit claim deed.

The title company is usally the one who makes the call when a quit claim deed is needed from a prior owner. Most transfers of property involve morrtgage loans. When there is a cloud on title the quict claim dded is necessary to insure the lender of a first lien position if the borrower does not make payments according to the note. The lender cannot enforce a trustee sale (non-judicial foreclosure) against someone whose name is not on the note, the that name is on title.

If that person will not sign the quick claim deed to release their interest in the property the sale probably will not close. At the very least the close will be delayed while other actions are taken to complete the sale.

Property deeds help you transfer or assign ownership of property, title to the land and a house in that land. Unlike earlier times, today such transfers are recorded electronically. There is a grantor and a grantee involved in the transfer of ownership.

The grantor is the individual who wants to sell the property and the grantee is the one who buys it. There are 3 main types of deeds:

Grant deed: This a deed most commonly used in California. The grant deed contains 2 guarantees:

The grantor assures that this property has not been sold to any third party. The grantor assures that the property does not have any problems apart from those already mentioned to the buyer.

The advantage of grant deeds is that they don’t need to be recorded or authenticated to be valid. However, most buyers need the protection to be able to validate that the property has been sold.

Warranty deeds: These deeds have quite a similarity to the grant deeds and are mostly used in the Midwest and the Eastern states. The one exception to the grant deeds is that the grant deed has 2 guarantees whereas the warranty deed has 3 guarantees:

The grantor assures that the property has not been sold to a third party. The grantor assures that it is free from any impediments besides those already disclosed to the buyer. The grantor is meant to justify and defend title against any claim made by any person. This means that the granter is guaranteeing that the title is not defective even if a previous owner may have caused the defect.

Quitclaim deeds: Also erroneously referred to as ‘quit claim deed’ and ‘quick claim deed’, this deed is used to convey the interest from the grantor to the grantee. This deed is seen mostly used in case of a divorce where the property is quickly moved from one spouse to another.

What are the other types of deeds?

There are 3 other types of deeds:

Tax deed: For property sold with unpaid taxes. This deed is used to convey title to a buyer. Gift deeds: These are used for transfer of property without money i.e. as a gift. This is usually used to transfer titles among those who are related to each other. Deed-in-lieu of foreclosure: Sometimes, individuals who lag behind in payment may come to an agreement with a lender to accept a Deed-in-lieu of Foreclosure. This means that the property has been transferred to a lender by value of a deed in order to avoid foreclosure. However, this may still get reflected on the individual’s credit report.

You may have heard that tax deed investing is a way to purchase tax foreclosed properties for pennies on the dollar. And you may also know that now is a great time to start investing in tax deed properties because there’s more available now then there has been in the last few years. But did you know that there is a way to Cash in on tax deed properties without even bidding at the tax sale? How would you like to be able to buy tax sale properties for less than what they would go for at the tax sale? And because you are purchasing the property from the owner, before the tax sale, you don’t have to worry about clearing the title.

But that’s just the beginning of how you can cash in on tax deed properties without going to the tax sale. I’m going to tell you a little known secret about tax deeds that not all investors know. In many tax deed states, when properties are bid up at the tax sale, the county will make the “excess proceeds” available to the owner of the property. The excess proceeds are the amount of money that is in excess of the back taxes and penalties, or the minimum bid. Many states give this back to the owner of record of the property at the time of tax sale, and you can use this knowledge to make money on tax deed properties without bidding on them at the sale.

Here’s how it works. You find the owner of a property that is going to be sold in a tax sale in a few weeks. You ask the owner of the property if they intend to let the property go to sale. And you ask them if they would give you the property since they are going to let it go anyway. Or you could offer them a small amount of money for it. You get them to issue you a quitclaim deed to the property. You record the deed at the county clerk’s office. You DON’T pay the taxes; you just let the property get sold in the tax sale. You track the property and find out how much it sold for at the tax sale, and then you apply for the excess proceeds.

The beauty of using the excess proceeds strategy of tax deed investing is that first of all you avoid the competition at the tax sale by purchasing the property directly from the owner and you don’t have to pay as much for the property as you would at the sale. Secondly, you don’t have to clear the title to the property and because you only own the property for a short time, your expenses are minimal.

There are a few things that you need to check out before you try this though. This process does not work in all deed states. Some deeds states do not give the excess proceeds back to the owner of the property, so you need to check that out first. The next thing that you have to check is that the property will be bid up at the sale. You have to make sure that the tax sale is competitive enough that the price of the deed will be bid up considerably higher than the starting bid if you are going to be able to make money at this. You can check this by checking on what happened at the tax sale last year, how high did properties that were in last year’s sale get bid up? But that doesn’t always let you know what will happen this year, since economic conditions may be a little different. So you might want to also check recent tax sales in nearby counties or nearby states with similar demographics to get a feel for what you can expect this year.

You also have to do your due diligence on any properties that you plan on purchasing before you buy them. You need to do this for two reasons. The obvious reason for checking out the property is to make sure that it’s worth enough money so that it will be bid up at the tax sale. But you also want to check and see if there are any liens or judgments on the property before you purchase it from the owner. Because you are purchasing the property directly from the owner and not at the tax sale or from the county, you would be responsible for any liens or judgments against the property at the time you purchased it. So if there is a mortgage on the property, you would be responsible to satisfy that mortgage. Therefore you want to stay away from properties that have any liens on them.

Since you have to do due diligence on tax sale properties anyway, for any type of deed investing, this strategy of tax deed investing is no more work than just purchasing properties at the deed sale. The great thing about using the excess proceeds strategy is that you need less money, so you can purchase more properties and make more money!

The deed is the heart of the real estate transaction. Once the previous owner has signed over the deed to the buyer, the real estate outlined in the deed belongs to that buyer. The deed represents the new owner’s legal claim to the property.

Deeds Explained

A deed is a written contract between two parties who agree to transfer land from one to the other. A real estate deed is broken up into several parts. The Premises opens the document with the basic details of the property and the parties exchanging the property. The Habendum and Tenendum confirm the transfer of the estate.

The Redendum is the part of the deed in which the grantor may retain something from the transferred property. The next parts of the deed are the necessary conditions, followed by the warranty and covenants. In the warranty, the grantor warrants the grantee the title. The covenants are a series of promises made by the grantor to the grantee. Finally, the last part of the deed is the conclusion.

Valid Deeds

A deed must be on paper in order to be valid. All terms of the deed must be clear. In addition, the grantee must be legally able to receive the property. The deed must contain the seal of a notary public and be accepted by the grantee that receives it.

Types of Deeds

In most cases of real estate transfer, a general warranty deed will be required. Another type of deed is quitclaim deed, in which a grantor relinquishes any possible property claim to the grantee, even when the grantor has no established right to said property.

A special warranty deed may be used if there are some exceptions to the typical warranty agreement. These are more often in transfer of commercial real estate. You can use a bargain and sale deed to grant title without the grantor making warranties against encumbrances such as a mortgage or lien on the property.

Creating a Deed

Your real estate broker will help create the deed. Both buyer and seller should read the deed thoroughly before signing and be sure to ask questions of the broker about any aspects of the deed that may be unclear. This will help prevent any legal issues with the deed cropping up after transferring the title.

I’m trying to sell a parcel of land I own free and clear. My realtor told me that someone quit claimed my property into another persons name. How will this affect the sale? Will it be obvious that this quitclaim deed is fraudulent considering that the name of the grantor on the quitclaim deed was not my name?

A quitclaim deed is a document which states that the individual signing the document, has no interest in the piece of property. In other words, when you are signing a quitclaim deed you are expressing your disinterest in owning a property. For instance, if a quitclaim deed says that you don’t have any interest in the property and that needs to be transferred in the name of your spouse, the same gets validated.

However, of late several instances of scams involving quitclaim deed have been reported. It is one of the most common types of property fraud. Quitclaim deed fraud can take various forms. The most vulnerable of all people are the elderly people who can be easily tricked into believing what is not right.

The most common form of quitclaim deed fraud is forging signature and using forged documents. Given below are 2 incidents that imply quitclaim deed fraud.

Scenario 1-If the ownership title is not proper
For instance, you go on a vacation and on seeing a beautiful house, plan to buy it. You talk to the owner of the house and settle for a price. The owner of the house signs a quitclaim deed. Since you are away from your hometown, you plan to pay the owner by home equity credit line. However, he doesn’t accept that and insists that you pay cash. You agree to pay cash. After a couple of days, when you apply for loan to improve your home, you are unable to do so as you find out that the “owner” was not the actual owner and there is a dispute in the title.

Scenario 2-Forging your name
A quitclaim deed has the forged signatures of a thief. The forged deed is authenticated. Once the document has been notarized, the same document is used as collateral for applying for a loan. Alternatively, the document can also be used to inflate the value of the property by unfair means and is finally sold off to a buyer. Both ways, the thief is benefited.