Quick Deed Vs Warranty Deed In Pennsylvania
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Quitclaim Deeds in PA can streamline the legal process, eliminating the need for a more extended, complicated title search. But remember, if you're dealing with unfamiliar parties or the property's ownership history is unclear, the quitclaim deed's lack of protections can be a significant drawback.
Long story short: If you are the buyer, then the warranty deed is more favorable to you because it provides a more solid legal protection. If you're the seller, the quitclaim deed is more favorable to you.
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.
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.
Deeds and Title In Pennsylvania, common types of deeds include warranty deeds, quitclaim deeds, and special warranty deeds. Each type of deed offers different levels of protection and guarantees regarding the property's title.
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.
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.
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.
Quitclaim deeds can be used in a number of different situations, though they are most common when transferring property between family members or spouses.
