Your Legal Questions Answered
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Important note: These questions and answers are intended to provide basic coverage of these topics & are not exhaustive nor detailed by design. These answers must not be relied upon for a specific legal project or purpose. Prior to moving forward with any legal action, please retain and consult with a qualified attorney.
What is a “quick claim” deed?
Actually, there is no such thing as a “quick claim” deed. Many people confuse this term with the “quit claim” deed. A quit claim deed is, in fact, a real deed used to transfer only what the owner actually owns with respect to the real estate being transferred. A quit claim deed does not make any warranties of title (e.g., it contains no promises that the title is clean and without problem), and instead serves as a bare bones method of transferring from the Grantor (e.g., the transferring party) to the Grantee (e.g., the recieving party) whatever interest and rights that the Grantor may own in the property, but nothing more.
What is a general warranty deed?
A general warranty deed is the most common type of deed used in real estate transactions. The deed serves to transfer a property from the Grantor (e.g., the transferring party) to the Grantee (e.g., the receiving party) with general warranties of title. Warranties of title mean, in general, that the Grantor promises that the title is clean, marketable and that it can be owned and later transferred without significant risk of litigation. Practically speaking, this means that the Grantee has added assurance about the quality of the property’s title and a source of recourse against the Grantor in the event that a negative title issue later arises. It is common for a Grantee (e.g., the receiving party) to insist on acquiring a property through a general warranty deed to ensure these warranties of title are included.
What is a quit claim deed?
A quit claim deed is a simple deed used to transfer only what the owner actually owns with respect to the real estate being transferred. A quit claim deed does not make any warranties of title (e.g., it contains no promises that the title is clean and without defects), and instead serves as a bare bones method of transferring title from the Grantor (e.g., the transferring party) to the Grantee (e.g., the receiving party). The quitclaim deed only serves to transfer whatever interest and rights that the Grantor may own in the property and nothing more. Quit claim deeds are commonly used in circumstances when the Grantor is unwilling to make any warranties concerning the title to the property.
What is a life estate deed?
A life estate deed usually refers to a deed where the Grantor (e.g., the transferring party) transfers a property to one or more Grantees (e.g., the receiving party), while the Grantor simultaneously retains the right to the life time use of the property. In this situation, the Grantor is referred to as the “life tenant”, while the Grantee is referred to as the “remainderman.” Once the deed is recorded, the Grantor (now the “life tenant”) continues to have rights to the lifetime use of the property, including the right to live on the property, rent the property and reasonable use of the property for productive purposes including farming, forestry and similar uses. Meanwhile, the Grantee (now the “remainderman”) holds title to the property which will fully vest (e.g., become complete) upon the death of the Grantor. Therefore, on the death of the Grantor, the Grantee automatically becomes the full and complete owner of the property.
Life estate deeds are commonly used when a family member (like a mother or father) desires to give specific property to another family member (like a child) upon the parent’s death, but wishes to retain the right to use (or live on) the property during the parent’s lifetime.
Even though a life estate deed does not convert ownership to the Grantee fully until the Grantor’s death, the Grantee does have a true ownership interest at the time the life estate deed is recorded.
Can I draft my own deed?
We are often asked, can I draft my own deeds for a real estate transfer, sale or purchase? The technical answer is yes. In general, American law allows a person to act on his or her own legal behalf to perform legal work restricted to matters serving their own personal interests. This is often referred to acting “pro se”, which in Latin means “for yourself.” This extends to drafting of deeds, contracts and other legal documents for your own interest and on your own behalf.
However, as you might imagine, drafting your own legal documents carries significant legal risk. It is very common for real estate attorneys to find “pro se” deeds (e.g., deeds drafted by non-lawyers) that are defective and do not effectively transfer title. Worse yet, some “self-drafted” deeds do transfer title in some manner, but contain errors that significantly impair the title, requiring expensive litigation or other legal work to resolve the problems created. This can create a costly and time consuming legal-nightmare for families to unravel.
Thus, while drafting a deed for one’s own personal behalf and self-interest is permitted, most legal experts would agree that this is actually a bad idea. Wisdom and prudence suggest that hiring a qualified attorney to perform the work is in your best interest.