Grant Deed Vs. Quitclaim Deed
What is the Difference?
According to Provident Title Company: Here's there explanation
Before the sale or purchase of a piece of property, It is always a good idea to be aware of the various kinds of deeds that may be offered on that property by the seller.
California registers the transfer of real property property from a seller to a buyer with a "deed". Not all real estate ownership is the same, different types of deeds are used to transfer property from a seller to a buyer. The general warranty deed, better known as a Grant Deed is a legal document that conveys (transfers) the greatest level of ownership, or "title", in real estate from a seller, or "grantor", to a buyer, "grantee". It conveys title with such legal terms a "warrant generally" or convey and warrant," and guarantees that the grantor is legal owner of the property. The grantor offers six specific warranties to the grantee that are not offered by any other deed.
The seller offers the greatest level of buyer protection with a general warranty deed through six specific warranties. The seller promises that he / she owns the property and has the legal right to sell it.
Warrants that the title is free of any liens and encumbrances, except those that may be specifically noted in the deed, and guarantees that the title is superior to any other title that may exist on the property.
Finally, the grantor promises to get any required legal documents that may be needed to make the grantee's title good, and will defend the grantee's title against all legal claims that may be made against it, including compensation the grantee for any loss should the title prove faulty. These six warranties cover the property from its beginning to the end of the grantee's ownership in the future.
A deed has commonly been defined as any instrument, or written document, signed, sealed and delivered, which conveys land or an interest in property.
A grant deed is much like a general warranty deed in that it also conveys the property and provides many of the usually warranties, but not all. Usually the warranties are limited to a promise that the land was not previously conveyed and that the land is not encumbered other than as noted on the deed, Other than that, typically no other warranties are made.
is the simplest of all deeds. It is a deed without warranties, executed by a party simply to convey his interest in the property and nothing more, allowing him to walk away without any further obligations whatsoever. Literally, this deed allows you to quit any claim you have to a piece of property.
The important difference between a quitclaim deed and a grant deed is any warranties that the deed provides regarding the title to the property. Because a quitclaim deed lacks the usual warranties, it is possible that a person executing this deed has a bad title or no title at all to a given piece of property. A person takes a quitclaim deed at their own risk.
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