What is the difference between grant deed and quitclaim deed

A grant deed can be requested in the negotiations phase of a sale. Keep in mind that while a grant deed does offer some protections, it is not always the best option for the transfer of ownership of real property. General warranty deeds offer more protections and are the best option. You should only pursue a grant deed when a general warranty deed is not on the table. If you want an extra layer of protection when obtaining a grant deed, you can try performing a deed search to get more details on the property you are interested in before closing the deal.

Check out this webpage to learn more about grant deeds. Grant deeds are one of three types of deeds used to transfer real property. Each deed type is unique in its offerings and they are not all created equal. Understanding the different types of deeds out there is essential to making a sound deal when purchasing property. General warranty deeds are hailed as the best property deeds out there. This is because a general warranty deed offers the highest level of protection of all property deeds.

When a buyer is granted a general warranty deed, they are guaranteed:. Quitclaim deeds are the least desirable of all the property deeds.

They make no guarantees to the buyer that there are no liens on the property, so when a buyer receives a quitclaim deed on a piece of property, they take on a considerable amount of risk, especially when compared to other deed types. Quitclaim deeds are usually only recommended for scenarios where the buyer and seller know each other personally.

They are often used when a transfer of ownership happens between family members, such as a grandparent transferring ownership of property to a younger generation before they die. Check out this webpage to learn more about different types of deeds.

Post a project on ContractsCounsel today to get connected with real estate lawyers who specialize in grant deeds, general warranty deeds, and quitclaim deeds.

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Experienced with drafting, revising, and editing a variety of domestic and international contracts. It was easy to work with Contracts Counsel to submit a bid and compare the lawyers on their experience and cost. A quitclaim deed is a legal document that lets a property owner transfer his ownership interest in property to a recipient without the security of ownership.

Quitclaim deeds are rarely used when selling property, but are useful for transferring ownership between family members or transferring ownership into a living trust. It provides the least protection for a real estate grantee.

The quitclaim can be used to remove apparent defects in Title without the expense of a lengthy litigation process.

Another way to accomplish a property transfer between spouses is through the Interspousal Deed, which can be used to avoid tax liability when transferring property. When Title to the property is transferred, the county may impose a transfer tax and may reassess the value of the property which could result in higher property taxes.

However, an interspousal transfer deed is a special kind of transfer that is exempt from transfer taxes and ultimately a cost-effective method of transferring property between spouses. Skip to content Skip to footer A deed is a legal document that transfers title to a new holder of a property. A quitclaim deed merely releases any potential interest the signatory may have in a property with no warranties.

In a grant deed, the grantor transfers his ownership in the property to the grantee. As a part of the transfer, the grantor guarantees that he actually owns the property that he is deeding and states any limitations on the new owner's rights to the property in the deed itself. This provides a great deal of protection for the grantee, letting her know that she is actually getting what she's buying, and giving her the ability to insure her title.

Quitclaim deeds are similar to grant deeds in that they convey rights to a property, but with one key difference. In a quitclaim deed, the quitclaimor gives up whatever rights he has, or does not have, to a property. Since no guarantee is implied that the quitclaimor has any rights to the property he is transferring, he could legally quitclaim the Golden Gate Bridge to you and you'd get all of the rights to the property that the quitclaimor has — which is nothing.

Most property transfers in California involve grant deeds. After all, if you were going to give someone a great deal of money to buy something from him, wouldn't you want to be sure that he actually owned it before you bought it from him?