| When you're in the process of selling (or | | | | seldom stand alone as these documents are |
| purchasing) a house, you will most likely, | | | | usually backed up by a title insurance policy. |
| encounter several kinds of documents: all with | | | | A quitclaim deed, on the other hand, is presented |
| different names and with different uses and | | | | to a buyer by someone who does not necessarily |
| functions. Two of the most misunderstood | | | | own the property being sold, but holds |
| documents are the warranty deed and the quit | | | | responsibility for it. This occurs due to several |
| claim deed. Many think that these two forms are | | | | reasons such as when the owner dies and |
| alike, but they are not. | | | | bequeaths the property to one of his heirs, or |
| A warranty deed is a document which the seller | | | | when there is a marriage and the owner wants to |
| presents to you and is used in majority of all | | | | include the name of his/her spouse to the title |
| sales transactions. The warranty deed simply | | | | (among others). A quitclaim deed offers a lower |
| states that the seller owns the property being | | | | level of protection to buyers. This kind of |
| sold and that it is free from any sort of liens. By | | | | document is used primarily when the property in |
| presenting a warranty deed, the buyer is assured | | | | question will just stay within a family. |
| that the holder of the title has the legal right to | | | | Incidentally, there are times when both a |
| transfer ownership of the unit and is assured that | | | | warranty deed and a quitclaim deed are |
| no one (financial institution or other creditors) | | | | presented to a potential buyer. An example is |
| would come after him to make a claim on the | | | | when the property lies on the border of rivers |
| property. In the eventuality that someone does | | | | and or lakes; where ownership of the underwater |
| lays claim to the property that has just been | | | | land on which his property stands on remains |
| purchased (or that the claims stated in the | | | | unclear. |
| warranty is erroneous), the buyer is further | | | | If you are unsure which kind of deed works best |
| protected by law, and would be entitled to | | | | for your property, consult a real estate agent or |
| receive a form of compensation. Warranty deeds | | | | a real estate lawyer. |