What are Deeds?

Deeds are used to transfer real-estate from one party to another. There are several different ways of transferring property.

Deed-Warranty Deed: This document will transfer property & warrants that there are no clouds against the property. To file a deed, the seller needs to have a deed filled out and notarized. He also needs to file a Declaration of Value & a Ground Water Hazard Statement along with transfer tax on the amount of the consideration. The transfer tax is based on the amount of property sold for at $0.80 per $500.00 with the first $500.00 being exempt. Then the deed is brought into the Recorders Office where it is recorded. The fee to file a deed is $9.00 for the first page & $5.00 per page after that. There is a $5.00 transfer charge on all parcels of land being transferred. For instance; For the sale of a condominium, one unit, with the legal description on the front side of one page, the recording fee will be $14.00 ($9.00 for the 1st page, and $5.00 per parcel).

Quit-Claim Deed: A deed transferring property as-is. The same procedure as with a Warranty Deed. These are used a lot for family transactions or Dissolutionment where there is no consideration. If there is no consideration, the Declaration of Value, Ground Water Hazard Statement, and Transfer Tax are not required.

Court-Officers Deed: A deed transferring property from an Estate or Conservatorship file by the same procedure as the Warranty Deed.

Change of Title: Used for death of a spouse or divorce.

Contract for Deed: A document that transfers property by an agreement where the buyer pays the seller a down payment & then makes monthly payments until contract is fullfilled. When it's been paid completely, a deed is issued to the buyer. Contracts require Declaration of Values & Ground Water Hazard Statements. Transfer Tax Stamp is paid when the deed is filed.