Deed Without Warranty Vs Quitclaim Deed In Bronx
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For a quitclaim deed in NY to be valid, it needs to be in writing. The document would also need to include the following details: A legal description and address of the property being deeded.
Quitclaim Deeds: Quitclaim Deeds are used to transfer property ownership without any warranties regarding the title. This means the grantor isn't guaranteeing anything, even that they own the property, or that the title is clear.
Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property, if any. The grantor only “remises, releases, and quitclaims” their interest in the property to the grantee. There are no warranties or promises regarding the quality of the title.
It is common for property sales to use a quitclaim deed and protect the buyer through contract law. However, another way to handle this is with a warranty deed.
The key distinctions include: Interest transferred – A quitclaim deed conveys only the grantor's current ownership share, which may be incomplete. A warranty deed transfers the property in its entirety. Warranties and protection – Quitclaim deeds provide zero warranties or protection for the grantee.
General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
Common uses – Typically, quitclaim deeds are used for lower-risk transfers between related parties. In contrast, warranty deeds are used for real estate sales and high-value transactions involving unrelated grantees.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
