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In real estate, there are two primary types of deeds: warranty deeds and quitclaim deeds.
Warranty Deeds For Real Estate
Warranty deeds are legal documents that are used to transfer ownership from sellers to buyers. A warranty deed is normally required when you sell a piece of real estate – whether it’s a house, condo, townhome, commercial property, vacant land, or any other type of real estate. The warranty deed needs to be signed, notarized and recorded. When you sign a warranty deed, you are warranting that you are conveying good title to the purchaser of your property, without any outstanding title issues (free and clear from all encumbrances, except as stated).
Quitclaim Deeds For Real Estate
Quitclaim deeds are used to transfer someone’s interest in a piece of real estate, but they carry no warranties. Because there aren’t any warranties, of any kind, associated with quitclaim deeds, grantees really have no assurances of what they’re getting.
Quitclaim deeds are used as a waiver or release of rights, so they’re often used to release or terminate an easement. Another common use is when two people are applying for a loan and one has bad credit, a quitclaim deed might be used to take the person with bad credit off the title of the property, so that the person with better credit can obtain a loan. Quitclaim deeds are also often used to transfer the title from one spouse to the other spouse, or into the names of both spouses. Typically, no money is paid when someone signs a quitclaim deed.
Before you buy or sell real estate using a warranty deed or a quitclaim deed, you should consult an experienced, local real estate attorney so that you know exactly what rights you do and don’t have.
At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.
And we have local real estate attorneys who have experience throughout Washington, including: Spokane, Spokane Valley, Liberty Lake, Medical Lake, and Cheney.