Warranty Deed Vs Quitclaim Deed For Gift In Middlesex
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FAQ
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.
A quitclaim deed is considered a permanent transfer of ownership between the grantor and grantee, so there's no limit to the term of ownership.
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 gives the grantee the least protection under the law. Deed fraud, long a perennial issue, is reported to be on the rise.
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.
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.
Quitclaim deeds can be used in a number of different situations, though they are most common when transferring property between family members or spouses.
Quitclaim deeds are often used in non-sale situations, such as property transfers between family members or adding/removing a spouse from a title.
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.
