Special Warranty Deed Vs Quit Claim Deed In Cook
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FAQ
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
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.
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
This is because a quitclaim deed offers the lowest level of protection. When writing a quitclaim deed, the grantor isn't offering any protection or warranty to the grantee.
A general warranty deed is used to transfer real property from one person to another. This type of deed offers the greatest protection for the buyer and has specific requirements for what must be included in the document.
Special Warranty Deeds are commonly used when property owners are divorcing or are divorced. Since the parties both own the property, it is acceptable to use a Special Warranty Deed when one owner transfers his or her interest in the property to the other owner.
