Warranty Deed Vs Quit Claim Deed For House In Pennsylvania
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FAQ
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.
The General Warranty Deed In these, the grantor makes several promises to defend against general claims against the property. This means that if someone claims to have superior rights to the grantor, the grantor will be legally bound to fight these claims.
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.
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.
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.
While a general warranty deed promises that the property has no outstanding mortgages, debts, liens, or encumbrances on the property now and from all previous owners of the property, a special warranty deed only promises this to be true during the period the grantor owned the property.
A Pennsylvania property deed must contain the current owner (the grantor), the new owner (the grantee), a legal description of the property, and the signature of the grantor before the transfer. But there are also less common ways to use property, which require several different types of property deeds.
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.
As with any kind of deed transfer, a quitclaim deed is a legal instrument used to transfer real property from a grantor to a grantee. Quitclaim deeds include no title of covenant and are therefore less comprehensive, providing the least amount of protection of all deed transfers.
