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What is the difference between a warranty deed and a quitclaim

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What is the difference between a warranty deed and a quitclaim deed?
Submitted: 6 years ago.Category: Legal
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5/1/2011
Lawyer: LegalKnowledge, Attorney replied 6 years ago
LegalKnowledge
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A warranty deed states the seller owns the property and there are no liens (debts, etc) against the property that will be transferred over. It is stating that the property is
legally owned and there are no hidden tie-ins the buyer should be aware of. This
deed ensures buyers that the property they are buying is actually owned by the
person they are dealing with and they won't be met with any surprises later on.
Furthermore, if another person were to try to claim the property down the line,
the warranty deed would legally protect the new buyer and the buyer would be
entitled to compensation from the original seller. The warranty deed is used in
the majority of property sales.

Quit claim deeds are presented to these buyers instead by a person who does not
necessarily legally own the property, but instead holds responsibility for that
property. Such instances where this can occur are upon a death when the property
is transferred as inheritance, or when spouses are both on the name of the deed
and a divorce is occurring. Quit claim deeds, unlike warranty deeds, do not
offer a great deal of protection to the buyers of the property.

LegalKnowledge
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