Warranty Deed Vs Quitclaim Deed For Property In Franklin
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FAQ
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title.
A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property.
A general warranty deed is a deed used to legally transfer real property from one person to another. This type of deed offers the most protection for the buyer.
Warranty Deeds A warranty deed offers the same promises as a grant deed, and then some. The owner of a property is guaranteeing that they have the full right to sell and transfer the property, and that the property is clear of any present or future claims, such as liens and taxes.
Quitclaim deeds are often used in non-sale situations, such as property transfers between family members or adding/removing a spouse from a title.
Quitclaim deeds can be used in a number of different situations, though they are most common when transferring property between family members or spouses.
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.
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.
