![]() Regarding the level of warranty provided, there are two types of warranty deeds - general and special warranty deeds. While a quitclaim offers no warranties on title, the warranty deed offers complete or partial warranties on title. How does a quitclaim differ from a warranty deed? Therefore, the quitclaim deed only transfers real property rights held by the grantor at the time of the deed's execution. What this means is that the grantor doesn’t assure the grantee of the property's title being free of liens or encumbrances, neither does it certify the grantor as the actual legal owner of the property under conveyance. Note, however, that despite the property rights' transfer facilitation, the quitclaim deed doesn't provide why warranties on the title. The grantor is the party transferring or quitting their rights in property while the grantee is the recipient of those property rights. This deed recognizes two main parties: the grantor and the grantee. ![]() It's mistakenly referred to as a quick claim deed form – perhaps because of its efficiency. What is a quit claim deed?Ī quitclaim deed, also a quitclaim deed form, non-warranty deed, or simply a quitclaim is a legally binding instrument that facilitates the conveyance of real property from one person or entity to another. In your case above, transferring real property to a loved one or even trust, a quitclaim deed is exactly what you need. You need to know the one to use, how and when. While you might not know much about real property transfers and processes, there is something you have to know before property changes hands - property deeds. In other cases, the only second major real estate transaction you engage in (the first one being buying that property) is transferring that property to a loved one or a trust for purposes estate planning. Real estate isn't for everyone, but once in a while, you get to buy or sell a house or land.
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