Deed Without Warranty Vs Quitclaim Deed In Salt Lake
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FAQ
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.
But unlike a warranty deed and a special warranty deed, which provide certain warranties or guarantees regarding the property's title, a quitclaim deed only transfers whatever interest the grantor may have in the property at the time of the transfer. That interest may be no interest whatsoever.
Because a quitclaim deed offers no protection for buyers, it should not be used during traditional real estate sales. There is no guarantee of a clear title. Instead, quitclaim deeds are used when there is a property transfer outside of a real estate sale.
Purchasing property claim via a quitclaim deed is risky because it does not guarantee that the seller has clear title or any ownership interest at all; meaning you could end up with no legal claim to the property if there are undisclosed issues.
Transferring property between spouses during a divorce Many people use quitclaim deeds because it's a quick, affordable solution to settling divorce obligations. A quitclaim deed can be a simple way for one person (referred to as the grantor) to give up their interest in a property to another person (the grantee).
This is because a quitclaim deed offers the lowest level of protection. When writing a quitclaim deed, the grantor isn't offering any protection or warranty to the grantee.
Warranty deed. Warranty deeds are the safer option when buying property versus simply transferring ownership. Most buyers will want this option. If it is discovered that the seller did not have complete ownership of the property, the buyer can sue for breach of warranty.
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.
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.
