Deed Without Warranty Vs Quitclaim Deed In Nevada
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One of the main drawbacks of using a quitclaim deed is that you have little to no legal recourse if the grantor didn't actually have a legal interest in the property to give away. This is the risk you take with a quitclaim deed that doesn't offer any warranties.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.
Grantor and grantee: Include the names of all parties involved in the real estate transfer. Mailing address: Your Nevada quitclaim deed must include the grantee's mailing address for tax statements. The first page should also include the new owner's return address for the clerk to return the deed after recording.
There are many uses for a quitclaim deed, but one of the most common is to convey ownership between people who are related, like spouses, parents or other family members.
The key distinctions include: Interest transferred – A quitclaim deed conveys only the grantor's current ownership share, which may be incomplete. A warranty deed transfers the property in its entirety. Warranties and protection – Quitclaim deeds provide zero warranties or protection for the grantee.
The title is transferred without any amendments or additions. So, if the grantor has what someone would consider a “bad” title, that means the grantee is receiving it as is. Therefore, quitclaim deeds are often used between family members or to simply fix an error in the original title.
While quitclaim deeds do transfer property rights, they do not absolve the grantor of any existing mortgage obligations. This could mean foreseeable foreclosure risks for the grantee if the grantor fails to keep up with mortgage payments.
General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
Quitclaims, waivers, or releases by employees are generally looked upon with disfavor and are commonly frowned upon by the courts, since they are usually contrary to public policy, ineffective, and are meant to bar claims to an employee's legal rights.
