One way of categorizing deeds is by the type warranty the grantor in the deed is providing in connection with the ownership history (title history) of the property.
For real estate, the warranty provided in a deed is what the grantor will defend against and/or repair.
And, the most commonly known types of warranty deeds range from coverage of the full ownership history of the property to no warranties at all and they are (in order): general warranty deed, special warranty deed, and quitclaim deed.
Unlike the others, in a quitclaim deed the grantor makes no warrants that they own the property free and clear of all claims.
A cautionary note for using quitclaim deeds for family real estate:
In this article, HeirShares CEO and heirs property expert, Mavis Gragg, discusses the use and pitfalls of using quitclaim deeds for family real estate. It's worth the read!
Please sign in to leave a comment.