Special Warranty Deed Vs Quit Claim Deed In Utah
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FAQ
A special warranty deed is a type of real estate deed used to transfer property ownership from one person to another. By using this particular deed, the seller is guaranteeing to the buyer that there are no defects or problems with the property title during the time that they owned the property.
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.
Potential Risks for Buyers Special warranty deeds provide limited protection, exposing buyers to potential risks. Buyers may inherit claims or issues that occurred prior to the seller's ownership.
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.
Potential Risks for Buyers Special warranty deeds provide limited protection, exposing buyers to potential risks. Buyers may inherit claims or issues that occurred prior to the seller's ownership.
Special Warranty Deeds are frequently used in commercial real estate transactions and foreclosure sales. In commercial transactions, sellers might prefer this type of deed to limit their liability to issues they directly caused.
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.
Special Warranty Deed - In contrast to a general warranty deed, a special warranty deed limits the liability of the grantor by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed.
The purpose of the Special Warranty Deed form is to facilitate the legal transfer of property ownership in Utah. It ensures that the grantee receives the property with warranties that protect against claims made by the grantor.
Unlike a warranty deed or special warranty deed, a quitclaim deed makes no assurances whatsoever about the property. The Grantor is not promising that title is clean; in fact, the Grantor isn't even promising that he or she owns the property!
