Quit Claim Deed – also called as Dollar Deed and $1 Deed, is a transfer with no guarantees about the extent of a person’s interest. Quit Claim Deed offers the least protection to the buyer. This type of deed is usually not insured. Quit Claim Deed is commonly used in divorce, when one spouse is transferring his/her rights to the other.
General Warranty Deed – is a transfer, where the grantor (seller) makes numerous warranties or covenants to the grantee (buyer) agreeing to protect any prior claims or demands.
- Covenant of seisin – the grantor has the right to convey the property
- Covenant against encumbrances – property is free and clear of any liens
- Covenant of quiet enjoyment – guarantees the grantee with quiet possession of the property
- Covenant of further assurances – promises to deliver any document to make a good title. This is the deed that provides the highest level of protection to the buyer.
Special Warranty Deed – is a transfer commonly used when the bank owned property is being transferred. This deed offers little to no protection and is similar to Quitclaim Deed.
Ways to hold title – there are four ways to hold title:
- SOLE OWNER: An undivided ownership interest by one person with no other party having a right or interest in or to the Property.
- TENANTS BY THE ENTIRETY: An undivided ownership by both husband and wife, with the right to the entire property passing to the surviving spouse upon the death of one (1) spouse.
- JOINT TENANTS: An equal ownership interest by all parties named on the deed with rights of ownership vesting in the survivor of all owners.
Example: Andy, Beth and David own Green Acre one-third each (1/3rd each). If Beth dies, Andy and David will each own one-half (1/2) of Green Acre.
- TENANTS IN COMMON: An individual ownership interest in a portion of the Property (either equal or unequal) with another party and sharing a common interest and right to use as to the whole. Tenants in Common does not provide for survivor-ship rights. Thus, a will is recommended to identify the recipient of the ownership interest upon the death of one of the owners.
- Example 1: Andy, Beth and David own Green Acre. Beth owns seventy percent (70%), Andy owns twenty percent (20%), and David owns ten (10%). David dies.David had a will which states that his interest should pass to his mother, Charlene. Charlene now owns a ten percent (10%) interest in Green Acre. If David dies without a will, his ten percent (10%) interest shall pass according to the laws of the Commonwealth of Pennsylvania and State of New Jersey.
- Example 2: Andy and Beth are married but own Green Acre with David. Andy and Beth own a sixty percent (60%) interest in Green Acre, which they hold as Tenants by the Entirety. David owns a forty percent (40%) interest in Green Acre. As between David and the unit made up of Andy and Beth, the parties own Green Acre as Tenants in Common, for percent (40%) to David, sixty percent (60%) to Andy and Beth jointly.
Deed Transfer Pricing
|Quit Claim Deed for Philadelphia county, PA||$599|
|Quit Claim Deed for other counties in PA||$499|
|Quit Claim Deed for NJ||$699|
|General Warranty Deed for Philadelphia county, PA||$599|
|General Warranty Deed for other counties in PA||$499|
|General Warranty Deed for NJ||$699|
|Special Warranty Deed for Philadelphia county, PA||$599|
|Special Warranty Deed for other counties in PA||$499|
|Special Warranty Deed for NJ||$699|
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