What is the difference between a warranty deed and a quitclaim deed?

A warranty deed and a quitclaim deed are two different types of deeds that exist in real estate law. A warranty deed is a legal document that transfers real estate property from one person (the grantor) to another person (the grantee). The grantor guarantees to the grantee that the title of the property is free from any future claims. A quitclaim deed, on the other hand, is also a legal document that transfers real estate property from one person or entity to another, but it does not guarantee or warrant title to the property. In Kansas, quitclaim deeds are often used in situations where the grantor does not want to guarantee an "unclouded title." A warranty deed provides more protection to the grantee because it comes with specific warranties that ensure the property is free from any current or future claims. Such warranties include that the grantee is the lawful owner of the property, that the property is free from any claims, liens, or encumbrances, and that the grantor holds good and marketable title to the property. Warranty deeds also provide the grantee with a right of action in case of a breach of warranty. A quitclaim deed provides little to no protection to the grantee because it does not include warranties or any other guarantee of title. The grantor is not liable for any claims made by anyone else regarding the title of the property. Quitclaim deeds are often used when transfer of ownership is taking place between family members or when there is not a lot of money involved in the transaction. In conclusion, a warranty deed provides more protection to the grantee because it guarantees title to the property, while a quitclaim deed provides limited protection as it does not guarantee title.

Related FAQs

What is the difference between a real right and a personal right?
What happens if a title defect is discovered?
What is title search?
What is a lease with an option to buy?
What is a lien?
What is the right of survivorship?
What is a leasehold estate?
What is the Interpleader Statute?
What is a right of first refusal?
What is an exercise of option?

What is the difference between a warranty deed and a quitclaim deed?

Related FAQs

Related Blog Posts