Warranty Deed Vs Quitclaim Deed For Property In Montgomery
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FAQ
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.
A quitclaim deed does not expire because it permanently transfers ownership from one party to another. That being said, the new deed must be filed with the county clerk's office to record the official transfer. If the new deed is not recorded, it can create legal and financial challenges.
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.
When a grantor signs a general warranty deed, they are making broad promises, or covenants, regarding the title of the land to the grantee. The grantor agrees to protect and defend the grantee should any other person or entity later claim to have an interest in the property.
Where quitclaim deeds provide limited security, warranty deeds offer full legal protection to grantees – or buyers – after a property changes hands. A grantor who transfers property by warranty deed makes several legal guarantees about the title quality and their right to convey the real estate.
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.
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 Quit Claim Deed is a common method used to transfer title to real estate property in some states, but it should not be used in Texas. In Texas, you need a Warranty Deed to properly add or remove a person's name to or from the ownership of a house.
