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Types of Deeds |
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Hello Edith Lank;
Would you explain to us the difference in a Warranty Deed and a Quit Claim Deed? We had a lease on a small acreage with a neighbor, and went ahead and purchased the land at the end of the lease. The lease agreement stated that a Warranty Deed would be given to us if we purchased, but the neighbors gave us a Quit Claim Deed instead. We suppose this is fine, but not really knowing the difference makes us wonder.
Thank you.
Ben and Sally Albright |
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The seller who signs a warranty deed is providing guarantees that the buyer is receiving clear title, undisputed ownership. They are stating that they own the property, that no one will challenge your right to it, stuff like that. If it later turns out there was--for instance, a distant cousin way back, who never signed off on the property, or some other cloud on the title, your would have a good legal claim against the seller. The person who signs a quit-claim deed is simply saying "I hereby turn over to you any ownership, any title, I have in this property." If the people who sold you the land were the unquestioned owners, you got clear title. If any legal problem ever developed, you couldn't go back and blame them, because they never even stated, legally, that they really owned the land. That's why it's prudent to have a legal search of the title before parting with your purchase money. |
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Edith
Originally published on April 22, 2007 |
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