A warranty deed contains a guarantee that the grantor has legal title and rights to the real estate. A quitclaim deed offers little to no protection to the grantee. Warranty deeds ensure that the grantor has the right to sell the property, and guarantees that there are no liens or encumbrances against the land.

What makes a deed void?

Property cannot be conveyed to a grantee who does not exist. Thus, a deed to a grantee who is dead at the time of delivery is void. For example, a deed recorded by the grantor is presumed to have been delivered. For example, a deed is voidable if it was obtained by fraud in the inducement.

What is the difference between a quitclaim deed and a quit claim deed?

“Quitclaim deeds,” “quit claim deeds” and “quick claim deeds” are the same thing. Their proper name is “quitclaim deed,” but the confusion about the name is understandable, since, in essence, a person using a quitclaim deed is “quitting his claim” on a property very quickly!

Can a bank stop a Quit Claim Deed?

Also, when you quit claim your property to the lender, it then becomes responsible for the cost of keeping up the property including maintenance, utilities and property taxes. The bank can refuse your quit claim deed if you do not have its permission to give it your property.

How does a quit claim deed transfer title?

Typically, you finish the process by executing a quit claim deed. Quit claim deeds are documents that transfer title without making any promises. In essence, all that you’re doing is telling the bank that it can have whatever rights you have to the property, if any.

Is there a way to quit a foreclosure deed?

The only way to quit claim your property to your lender and get out of responsibility for the loan is to do it with its permission and its agreement to waive the right to pursue you for any shortfall between what you owe and the value of your property.

Can a warranty deed transfer title to a property?

Grant deeds transfer title to the property and provide two assurances: that you haven’t sold the property to anyone else and that no one else has an ownership claim on the property. A warranty deed provides these two assurances, but it also guarantees that you will pay to defend the title in court in case a competing claim to ownership arises.