Warranty Deed Vs. Quit Claim Deed In Massachusetts In Middlesex
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FAQ
Warranty Deeds offer the highest level of protection by guaranteeing the quality of the title even before the grantor took ownership. While Quitclaim Deeds offer protection for the period that the grantor owned the property being sold.
A quitclaim deed is a legal document that transfers property from one person (the grantor) to another (the grantee). It does not guarantee the grantor's ownership rights.
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. Grantee risks – With a quitclaim deed, all risks remain with the grantee.
Warranty Deeds offer the highest level of protection by guaranteeing the quality of the title even before the grantor took ownership. While Quitclaim Deeds offer protection for the period that the grantor owned the property being sold.
Fill out the Quitclaim Deed Form: Provide all the necessary information, including the parties' names and addresses and the property's legal description. Emphasize what warranties, if any, you plan to convey. Sign and Notarize: Sign the document in the presence of a notary public.
The type of deed you should use depends on the type of transaction and your desired level of protection. Generally, a quitclaim deed is ideal for situations involving only transfer of ownership between parties that explicitly trust one another and have no doubts about the title of the property.
However, a quitclaim deed cannot be used to warrant that a title is valid since it does not guarantee the grantor's ownership interest. It can be used to remove a cloud on title by clearing any potential issues or claims that may affect the title's validity.
Sure. A qualified attorney can perform a title search and upon the property payment to a title insurance company, you can turn your quitclaim into a General Warranty Deed. However, any problems that existed at the time you did the quitclaim may again surface, preventing you from receiving a General Warranty Deed.
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.
