Deed Without Warranty Vs Quitclaim Deed In Cuyahoga
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FAQ
The title is transferred without any amendments or additions. So, if the grantor has what someone would consider a “bad” title, that means the grantee is receiving it as is. Therefore, quitclaim deeds are often used between family members or to simply fix an error in the original title.
While quitclaim deeds do transfer property rights, they do not absolve the grantor of any existing mortgage obligations. This could mean foreseeable foreclosure risks for the grantee if the grantor fails to keep up with mortgage payments.
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 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.
Quitclaims, waivers, or releases by employees are generally looked upon with disfavor and are commonly frowned upon by the courts, since they are usually contrary to public policy, ineffective, and are meant to bar claims to an employee's legal rights.
There are many uses for a quitclaim deed, but one of the most common is to convey ownership between people who are related, like spouses, parents or other family members.
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.
It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.
