Warranty Deed and Quit Claim Deed Differences Explained

The Difference Between Warranty and Quit Claim Deeds

There is a video dedicated that explains"The Difference between General Warranty Deeds and Quit Claim Deeds".

Most buyers when looking for a home expect to get a deed which is rightfully so because that is exactly what you will get. The kind of deed is what matters, are you going to get a quit claim which some people call quick claim or a warranty deed.

A warranty deed is usually call the General Warranty Deed because the person that sells the home claim they own the home free from claims, judgments, liens and any othe interest some might say they have in a property. Most of the time you will get a General Warranty Deed from a private seller than an institution such as a bank, trust or foreclosure.

A Quit Claim Deed, not a quik claim deed,is the least desired from a buyer that doesn't understand it's purpose and who the deed is coming from. Anyone can quit claim a deed over to someone because a quit claim means you are transferring any interest in a property you may or may not own. That is why it's important to run a title search if you plan to pay cash for a house. If you are getting a loan your lender will request a title search to protect their interest and so should you. Lenders are the main issuers of Quit Claim Deedsbecause you should do your own due diligence. The lender thinks there may be a tax lien on the foreclosed property so they aren't making any guarantees other than passing over their interest.

Warranty Deed and Quit Claim Deed Differences Explained

By: D. Mazyck

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