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Riley Law Offices
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RILEY LAW OFFICES
DEEDS
FORM OF REAL ESTATE OWNERSHIP
WISCONSIN REAL ESTATE LAWYER
DEEDS
There are several types of Deeds that are distinct as to the manner in which a property is conveyed. These include Warranty Deeds by which the Grantor is warranting that the property conveyed is free and clear of any liens and encumbrances other than standard exceptions.
Quit Claim Deeds by which the Grantor is conveying only the Grantor's interest in the property without providing any warranty with respect to potential liens, encumbrances or the condition of Title. A Quit Claim Deed is most often used by a party to convey an interest in property to a family member or to convey a property into a Trust, or corporate entity. A Trustee Deed conveys an asset held in Trust without warranty as to the condition of the Title. A Personal Representative's Deed conveys a property from an Estate, again with no warranty as to the condition of Title.
One must exercise caution when conveying a property where there is a mortgage involved, as any conveyance without the lender's prior consent can cause the entire mortgage balance to become immediately due. Also anyone receiving a property, particularly via any instrument other than a Warranty Deed should take care to, at the very least, obtain a letter report from a Title Company as to the status of the property. Obviously this caution would not apply with gifts from family via quit claim or when conveying your own property to a Trust or Corporate Entity held by you.
Contact Riley Law Office
If Attorney Riley may be of assistance to you with real estate law questions, with residential real estate transaction, with condominium purchase or sale, with residential construction contract review or revision, with easement questions, or with mortgage questions, please contact him for a free initial consultation at (608) 833-3880. Attorney Riley will be happy to speak with you with no cost or obligation on your part.
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