Deed Without Warranty Vs Quitclaim Deed In Utah
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FAQ
It is common for property sales to use a quitclaim deed and protect the buyer through contract law. However, another way to handle this is with a warranty deed.
Statutory Warranty Deed – used in transactions in which the grantor desires to limit the warranty to the time in which the grantor has owned the property. Quitclaim Deed – used only to clear any possible interest someone might have in the property.
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.
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.
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.
Quitclaim Deeds: Quitclaim Deeds are used to transfer property ownership without any warranties regarding the title. This means the grantor isn't guaranteeing anything, even that they own the property, or that the title is clear.
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.
It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.
