Warranty Deed Vs Quitclaim Deed For Property In Virginia
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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.
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.
Warranty Deeds A warranty deed offers the same promises as a grant deed, and then some. The owner of a property is guaranteeing that they have the full right to sell and transfer the property, and that the property is clear of any present or future claims, such as liens and taxes.
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.
The easiest and cheapest way would be for owner to transfer by using a ``quitclaim'' deed where they are the grantor and the children are the grantees. A real estate attorney or title company can prepare the deed for around $100.
The safest type of deed is a warranty deed, which gives complete assurance that the grantor has every legal right to grant ownership to the grantee. On the other hand, a quitclaim deed transfers ownership without any legal guarantee or warrants that there are no encumbrances or liens on the property.
Va. Code § 55.1-363 lays out the specific terminology that quitclaim deeds should use to be clear and legally binding. The document should state that the grantor has or does “remise(d), release(d), and forever quit(ted)claim all his claims upon the said lands to the grantee.”
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.
If you wish to remove someone from a deed, you will need their consent. This can be done by recording a new deed, which will require their signature. If the person in question is deceased, you will need their death certificate and a notarized affidavit along with the new deed.
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
