Warranty Deed Vs Quit Claim Deed In Minnesota
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
You can sell as a warranty deed... but this means you are warranting clean title and the buyer can come back to you, you should only provide a warranty deed if there's a title company/title insurance being purchased.
Because a quitclaim deed offers no protection for buyers, it should not be used during traditional real estate sales. There is no guarantee of a clear title. Instead, quitclaim deeds are used when there is a property transfer outside of a real estate sale.
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.
Special Warranty Deed Risks: The limited protection may expose buyers to title issues that arose before the seller's ownership period. This can be risky, especially for older properties or those with a complicated title history.
This is because a quitclaim deed offers the lowest level of protection. When writing a quitclaim deed, the grantor isn't offering any protection or warranty to 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.
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.
By Practical Law Real Estate. A quit claim deed conveying a grantor's title and interest, if any, in Minnesota real property without warranty of title. This Standard Document has integrated notes with important explanations and drafting tips.
A general warranty deed is used to transfer real property from one person to another. This type of deed offers the greatest protection for the buyer and has specific requirements for what must be included in the document.
