Warranty Deed Vs Quitclaim Deed For Property In Washington
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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.
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.
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.
This process involves completing specific documentation, such as the title deed, and submitting it to the Washington State Department of Licensing. The new owner gains all rights and responsibilities associated with the property once the transfer is recorded.
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.
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.
A Warranty Deed provides many guarantees from the seller to the buyer. Quitclaim Deeds are used to transfer property ownership from nontraditional sales.
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.
Quitclaim deeds are used for many purposes, including gifts of property, conveyances to correct prior deeds, and conveyances to settle a legal dispute. Quitclaim deeds are also used simply to confirm that the grantor does not claim any interest in the described property.
