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  1. #1
    Join Date
    Jul 2019
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    21

    Default Bill of Sale with Warranties vs. Quitclaim Deed

    My question involves personal property located in the State of: CALIFORNIA

    Which would be better to transfer half ownership in a piece of property, a Bill of Sale with Warranties or a Quitclaim deed form.

    The signing of the paperwork might have to be done quickly and far away from town. Does a Bill of Sale with Warranties need to be notarized?

    Also, I have read that a free Bill of Sale with Warranties is not always excepted. Where can I go to buy a legal version of this document?

    Thank you

  2. #2
    Join Date
    Jan 2006
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    38,867

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    A bill of sale doesn’t transfer title. A deed must be executed. Whether you use a quit claim deed, a special warranty deed, or a warranty deed will depend on what the grantee accepts and what you determine you should use. Each has its purpose.

  3. #3
    Join Date
    Jul 2019
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    21

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    Hi JK,

    Thank you for your quick response.

    I am a half-owner on this piece of property and I am buying out the other half owner.

    I don't exactly trust this person so I am trying to do this in a way that protects myself. I would also like to get this done as quickly as possible. What would be the best way to do this?

    Thanks

  4. #4
    Join Date
    Mar 2013
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    17,929

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    A deed is the only way to transfer ownership when you are buying out the other owner.

    A quitclaim deed is often used between co-owners but since there is a lack of trust a warranty deed is best.

    A quitclaim deed conveys any interest that the grantor MAY have but doesn't guarantee that the grantor has any.

    A warranty deed warrants that the grantor does have an interest to convey.

    I strongly urge you to use an escrow company where your money is held by the escrow company until the co-owner signs the deed and the deed is recorded and then your money is disbursed. The fees shouldn't break the bank and will be money well spent.

  5. #5
    Join Date
    Oct 2006
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    16,200

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    Quote Quoting adjusterjack
    View Post
    A deed is the only way to transfer ownership when you are buying out the other owner.

    A quitclaim deed is often used between co-owners but since there is a lack of trust a warranty deed is best.

    A quitclaim deed conveys any interest that the grantor MAY have but doesn't guarantee that the grantor has any.

    A warranty deed warrants that the grantor does have an interest to convey.

    I strongly urge you to use an escrow company where your money is held by the escrow company until the co-owner signs the deed and the deed is recorded and then your money is disbursed. The fees shouldn't break the bank and will be money well spent.
    Just as an FYI, a escrow company might also be called a title company. It varies from state to state.

  6. #6
    Join Date
    Jul 2019
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    21

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    Thank you, I will go through escrow

  7. #7
    Join Date
    Jul 2018
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    2,359

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    Quote Quoting Blueberrie
    View Post
    Which would be better to transfer half ownership in a piece of property, a Bill of Sale with Warranties or a Quitclaim deed form.
    Better for whom? What are the relevant facts/circumstances?


    Quote Quoting Blueberrie
    View Post
    The signing of the paperwork might have to be done quickly and far away from town. Does a Bill of Sale with Warranties need to be notarized?
    Any deed needs to be notarized.


    Quote Quoting Blueberrie
    View Post
    Also, I have read that a free Bill of Sale with Warranties is not always excepted.
    I've never heard the term "free Bill of Sale with Warranties." Please explain what you mean by this. Also, where did you read this? Not accepted by whom?

    FYI, the most common deed used to transfer real property in California is a grant deed (in other states, it's called a warranty deed).

    If you're a party to a real property transaction and don't know what you're doing, I strongly suggest a consultation with a local attorney.

    Quote Quoting Blueberrie
    View Post
    I am a half-owner on this piece of property and I am buying out the other half owner.

    I don't exactly trust this person
    Then a quitclaim deed would definitely not be best for you.

    P.S. A title company and an escrow company are not the same thing. "Title company" is sort for title insurance company. As the name implies, it is an insurance company that primarily or exclusively sells title insurance. An escrow is simply a person or entity that collects the consideration being given by both/all parties to a transaction and, upon the occurrence of agreed upon events, distributes that consideration (including recording documents with the county recorder). Some, but not all, title companies will provide escrow services, but only a licensed insurer can write a title insurance policy.

  8. #8
    Join Date
    Oct 2016
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    3,998

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    And mobile notaries that come to you are available.

  9. #9
    Join Date
    Sep 2010
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    19,673

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    Quote Quoting pg1067
    View Post
    P.S. A title company and an escrow company are not the same thing. "Title company" is sort for title insurance company. As the name implies, it is an insurance company that primarily or exclusively sells title insurance. An escrow is simply a person or entity that collects the consideration being given by both/all parties to a transaction and, up
    In some aresa of the country, a title office IS indeed the place that handles real estate closings. They may also provide legal, search, and insurance services, but their bread and butter business is real estate settlements.
    Virginia is such for example. Other places call the escrow offices (but again they often will sell title search/insurance and some legal services). Some places (NJ for example), have closings almost always handled in an attorney's office (though again, they may arrange/offer the other servcies)

    But you are right for the terminology as used in Californai.

  10. #10
    Join Date
    Jul 2019
    Posts
    21

    Default Re: Bill of Sale with Warranties vs. Quitclaim Deed

    I appreciate all the feedback on this.

    Not being familiar with the terminology and the process makes it confusing to me.

    I suppose I might just have my lawyer handle everything just to be safe.

    Thank you

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