Warranty Deed Vs Quit Claim Deed For House In Virginia
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FAQ
What Is the Strongest Type of Deed? For real estate buyers, a general warranty deed provides greater protection than any other type of deed. While it's the best deed for the grantee, it gives the grantor the most liability.
Cons of Manufacturer Warranties Limited Coverage Scope: Manufacturer warranties often have limitations on the specific components or issues they cover. Certain parts or conditions may be excluded from the warranty coverage, requiring you to review the warranty terms and conditions carefully.
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.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
The primary risk associated with a Special Warranty Deed lies in its scope of protection. This deed only covers the period the grantor owned the property, meaning the buyer takes on a risk of potential issues arising from before that period, which the grantor is not obliged to address.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
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.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.
