Deeds play a crucial role in real estate transactions, but the variety of deeds available can sometimes be confusing. Let's delve into the specifics of grant deeds, quitclaim deeds, and warranty deeds to demystify their functions and differences.
Grant Deeds
A grant deed is commonly used in real estate transactions to transfer ownership rights. It contains two main warranties: the grantor warrants that they have not sold the property to anyone else, and that the property is free from any undisclosed liens or encumbrances.
Quitclaim Deeds
In contrast, a quitclaim deed transfers whatever interest the grantor may have in a property without making any warranties about the property's status. It is often used for transferring property between family members or in situations where the property ownership is clear.
Warranty Deed
A warranty deed offers the highest level of protection to the buyer as it guarantees that the grantor holds clear title to the property and will defend the buyer against any claims on the property's title. This deed provides the most comprehensive warranties compared to other deeds.
Knowing the distinctions between grant deeds, quitclaim deeds, and warranty deeds is essential for notaries to ensure accurate and lawful real estate transactions.
Comentários