Warranty Deed Vs. Quit Claim Deed In Massachusetts In Nassau
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FAQ
Moreover, a quitclaim deed does not convey any after-acquired title.
Use Form RP-5217-NYC for real property transfers within the five boroughs of New York City, and use Form RP-5217 for real property transfers in all other counties. Contact the local county clerk's office to confirm the specific local requirements.
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. And lastly, Release Deeds offer absolutely no assurances to the buyer at all.
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.
Quitclaim deeds, therefore, are commonly used to transfer property within a family, such as from a parent to an adult child, between siblings, or when a property owner gets married and wants to add their spouse to the title. Married couples who own a home together and later divorce also use quitclaim deeds.
In summary, a quitclaim deed may not be suitable in situations where there is uncertainty about ownership, when a buyer wants protection against potential title issues, when obtaining a mortgage or refinancing, or in certain real estate transactions that require more guarantees and protections.
A quitclaim deed is only valid if both parties willingly performed the property transfer. If there is evidence that the grantor was coerced into filing the quitclaim against their will, this is grounds to revoke it.
Quitclaim deed transfers are ideal for: transferring property interest between family members, such as a parent to a child.
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 deed It's the type of deed that offers the most buyer protection. When committing to a general warranty deed, the seller is promising there are no liens against the property, and if there were, the seller would compensate the buyer for those claims.
