A warranty deed is a document ensuring that no other person has the right to the property being transferred. A deed that is quitclaim does not provide any assurance as to the validity of such title, interest, or claim. The meaning would be that one can buy a property and receive a quitclaim deed only to find later that the sale was not legal.
This type of deed is used when the transfer of ownership of the property does not take place through traditional channels. A warranty deed provides that no one has the right to use the property as collateral, such as lenders and creditors. A quitclaim deed is said to be the chancier of the two. Quitclaim deeds offer no protection to the grantee. Warranty deeds provide full protection to the grantee. A quitclaim is mainly used for transferring of deeds between friends and family. Warranty deeds are commonly used among professionals.
A quitclaim deed is a type of deed that will only transfer the interest of the grantor in a piece of real estate. This means that there are no warranties that can be seen in the title. This means that only the portion that the grantor owns will be given to the person who is placed in the deed. A warranty deed will make sure that the grantor will have all of the legal rights to the real estate property.
Some people use the quitclaim deed when they only want to transfer the interest that comes from the property. There is no guarantee or enough details that will show the person’s ownership during the time that the transfer of interest has occurred.