Special Warranty Deed Vs Quit Claim Deed In Phoenix
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FAQ
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.
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.
In the state of Arizona, the special warranty deed form will provide a limited warranty of title. What is sometimes known as a conveyance deed, with this type of deed, the party that is transferring a piece of property guarantees that they have not done anything that would cause problems with the title.
What Are The Dangers Of A Special Warranty Deed? Property debts are tied to the property's title, so buyers agreeing to a special warranty deed assume all responsibility for any liens or claims against the property that may have existed prior to the seller's ownership.
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.
No, the warranty deed alone does not prove ownership. Ownership is confirmed once the deed is recorded with the county recorder's office, making it part of the public record.
What Is a Quitclaim Deed? Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name.
A quitclaim deed is the fastest and most affordable way to transfer ownership of property from a seller to a buyer. It conveys an owner's interest in a property to a buyer without offering any guarantees or warranties about the status of the property.
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.
