What Is A Quitclaim Deed & A Warranty Deed?
Deeds can be confusing, nuanced, and complicated due to them taking on many forms. Each deed has its own specific implications and the best uses that they serve.
There are three separate types of real estate deeds however we will be highlighting two of the three; a warranty deed and a quitclaim deed.
What Is A Quitclaim Deed?
A quitclaim deed is a quick way to shift property to a buyer; however, this deed does include any protections for the person purchasing the property. Unlike the warranty deed, this deed provides no warranties of the title in any way, shape, or form. The deed mainly operates to adhere to the interest of the seller when transferring property to the buyer. Meaning if the seller owns a building property, they can give a buyer a quitclaim deed and all of the seller's interest is transferred to the buyer.
What Is A Warranty Deed?
A
warranty deed transfers property from the seller to the buyer and offers the best protection for the person purchasing the property. This deed specifies requirements for what has to be included in the document signed and guarantees that the seller has unencumbered legal title to the property. This promises that there is not any claim against the property and if there were to be, the seller is to compensate the buyer due to those claims.
How Are They Used?
Quitclaim deeds are used to remove any apparent defects in a title without time and expenses of litigation. After the title is established through a quitclaim deed, a warranty deed can be used in order to help clarify the more subtle contract issues that are associated with property purchases and ownership.
When using a warranty deed alone to transfer property, it is important that the form used in the state where the property is located is obtained first. Every state differs on what forms are needed and all have different verbiage. Once the form is obtained and filled out completely, it must be signed by the grantee and grantor with a notary present.
The deed must then be filed in the county registrar's office so that it can be legally enforceable. After it is filed the legal transferring of the property is properly completed. This option is the best for buyers of property due to it providing the most covered guarantee that the said property is free of any claims.
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