Warranty Deed Vs Quitclaim Deed For Gift In Maricopa
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FAQ
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.
To transfer ownership of a property to a relative in Arizona, it is necessary to complete and file a legal document known as a deed. The signed deed must then be recorded with the county's land records office where the property resides.
Quitclaim deed The grantor may or may not be on the current deed. A quitclaim deed is often used in divorces or inheritance situations, when a spouse or heir gives up any potential rights to real estate. The grantor is giving up their own rights, if any, but not promising anything else.
A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.
No, the warranty deed alone does not prove ownership. Ownership is confirmed once the deed is recorded with the county recorder's office, making it part of the public record.
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.
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. This type of deed is used in most real estate deed transfers.
Quitclaim deed transfers are ideal for: transferring property interest between family members, such as a parent to a child.
