What is the difference between a Quit Claim Deed and a Warranty Deed?
When you buy, sell or transfer ownership of a property to someone else, this is done via a deed. The sole purpose of a deed is to convey or pass real estate from one party to another and to ensure that there are no questions of ownership once the transfer is complete. There are many types of property deeds, but there are two most common ones: Quit Claim Deeds and Warranty Deeds.
What is a Quit Claim Deed?
Quit Claim Deeds are used when the transfer of ownership in the property does not occur as the result of a traditional sale. For instance, Quit Claim Deeds are common when real estate is conveyed through a Will or as a gift, when property is placed in a trust, or to distribute property as part of a divorce settlement. They’re also common when someone wants to sell property but they’re not entirely certain what the property boundaries are or whether any other claims can be made on the property. Quit Claim Deeds contain no guarantees of any kind, which means that you could buy a property, receive a Quit Claim Deed, and later find out that the person you bought it from wasn’t legally able to sell you the property at all.
What is a Warranty Deed?
A Warranty Deed provides several guarantees from the seller to the buyer. It includes a full description of the property and asserts that the seller owns and can transfer full and clear title of the property. It also certifies that the property is free of any easements, liens, or other encumbrances on ownership.
Both types of deeds must include clear language of conveyance from the grantor to the grantee. Both deeds should transfer the title, interests, and all claims of the property. They should also describe the state of the property at the time of the conveyance. Signatures from all parties involved. For a Quit Claim Deed or a Warranty Deed to become valid, all parties involved must sign the document. Upon signing, both deeds convey all legal ownership, rights, and authority over the property.
If you are looking to know more about Quit Claim Deeds and Warranty Deeds or want to get started on having one prepared, please contact our office today. Call or text us today at (206) 408-8158. We look forward to assisting you!
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