![]() ![]() Unlike warranty deeds, quitclaim deeds offer zero buyer protection. A quitclaim deed is named as such because it means that the owner is leaving behind their claim on the property. The process through which owners quit the claim on their properties is called quitclaim deeds. In other words, if there were claims on the property before the seller's ownership, the seller makes no promises to the buyer during property transactions. Special warranty deeds differ from general warranty deeds because while a general warranty deed guarantees a real property is free and clear of any liens or claims, the special warranty deed only guarantees that no liens or debts occurred while the current seller owned the property and makes no guarantees about any title defects, particularly under the previous owner. Traditional sale transactions work best using general warranty deeds, and most typical real estate transactions involve a general warranty deed because it confirms the seller has the legal right to sell. Additionally, a general warranty deed says that there are no other legal claims on the property's title or debts that transfer with the property discovered during the probate process nor any outstanding liens. There are two types of warranty deeds, and it's important to be aware of the differences if you're transferring property ownership.Ī general warranty deed says that the seller owns the property and that it hasn't been sold to another party already. All three types of deeds confer property title. There are three different types of deeds: general warranty, special warranty, and quitclaim, which is also referred to as "quit claim deeds" or even the common mistake "quick claim," a nod to the expediency of the quitclaim deed. A deed is a legal document used to transfer ownership of real property from one party to another.
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