Quitclaim and Warranty Deeds

It is not uncommon to want to add someone to the title of your property or even transfer it to someone else entirely. This kind of work can be very complicated so it is highly recommended to consult with a real estate attorney that is local to assist you with the transfer process.

Florida Quitclaim Deed

A quitclaim deed is a type of deed that transfers an interest in real property, like a house, vacant land or a mobile home. Quitclaim deeds are sometimes referred to as quit claim or quick claim deeds. The most important thing about a quitclaim deed is that the grantor doesn't make any warranties, guarantees or promises about the property. Essentially, the grantor is saying in a quitclaim deed that he's conveying whatever interest he may have in the property, which could be no interest at all to a perfect title. This is the complete opposite of a warranty deed in which the grantor transfers property with a guarantee of clear title.

When to Use a Quitclaim Deed
Quitclaim deeds are typically used to address existing or possible questions about a property's title. A quitclaim deed is also known as a "deed of release." If there's the possibility that someone could have a claim to the property, such as a divorced or divorcing spouse, or there's a problem with the title, maybe a paid-off loan that wasn't properly released, a quitclaim deed can be used to resolve something that would be a "cloud" or defect in the title. Such "clouds" can affect value and the ability to sell property. Also, a person transferring real property to their living trust uses a quitclaim deed.

Warranty Deeds
A warranty deed is the most common type of deed used in most purchase and sale transactions. The person giving the property is the grantor. The person receiving the property is the grantee. It offers the best protection for the grantee because it guarantees that the title is good and marketable. The grantor promises the grantee that the grantor will defend the grantee from any all claims made by third parties. Warranty deeds are generally used in the sale or purchase of a home. A warranty deed provides guarantees or warranties that the property has good title and is free of liens.

Deeds Without Warranty
When a special or limited warranty deed is used, the grantor only warrants that there are no title defects during the time the grantor owned the property. The special or limited warranty deed gives the grantee greater protection than a quitclaim deed and less protection than a full or general warranty deed.

Reversing a Deed
Reversing a deed is extremely difficult. Once a deed is signed and delivered, the grantor doesn't own the property. The transfer is final and can't be reversed unless the grantee transfers or quit claims the property back. If the grantee (person who received the property) doesn't agree, the grantor must prove the transfer was invalid by showing that the deed was signed under threats, external pressure or because the grantee lied.

We can help you make sure your transfer process is quick and efficient. Call today!

Information pulled from http://real-estate.lawyers.com