Warranty Deed Vs Quit Claim Deed For House In Washington
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FAQ
The most common way to transfer property is through a general warranty deed (sometimes called a "grant deed"). A general warranty deed guarantees good title from the beginning of time. A special warranty deed only guarantees good title during the seller's time of ownership.
General Warranty Deed. A general warranty deed is also called a statutory warranty deed, or just a warranty deed. This is the type of deed most commonly used in Washington real estate transactions.
In the state of Washington, the transfer of real property must be completed with a deed. The deed has specific requirements. For example, it must be in writing and signed by the person transferring the property (the grantor).
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.
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.
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.
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 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.
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.
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.
