warranty deed: Provides the buyer the greatest guarantee of a clear title. This deed puts more liability on the seller.
quitclaim deed: gives no guarantee and terminates all rights of ownership to the property the seller has limited liability, what you get is what you get.
The important part of your question goes like this.
Most title companies look favorably on Warranty deeds so when it is time to re-finance or have your buyer purchase the property the Warranty deed is pretty well recognized as a tranfer as all parties on title signed the deed.
With a Quit Claim deed it only tranfers an interest in the property, so in essence a owner could give several people a Quit Claim deed and everyone would have an interest in the property, I have seen this happen.
Now the title company will want to talk to the person that signed the Quit Claim deed to make sure no other parties are involved and have them sign a statement as such. If your buyer is not available or you cannot find them, you will have a problem with the title company.
So always get a Warranty deed, it simplifies your investing career.
warranty deed: Provides the buyer the greatest guarantee of a clear title. This deed puts more liability on the seller.
quitclaim deed: gives no guarantee and terminates all rights of ownership to the property the seller has limited liability, what you get is what you get.
Quit Claim Deed-
I give you all my rights, title and interest, IF I HAVE ANY.
You can give someone a Legal, ligitimate QCD to the Empire State Bldg.
sayana,
Glad to meet you.
The important part of your question goes like this.
Most title companies look favorably on Warranty deeds so when it is time to re-finance or have your buyer purchase the property the Warranty deed is pretty well recognized as a tranfer as all parties on title signed the deed.
With a Quit Claim deed it only tranfers an interest in the property, so in essence a owner could give several people a Quit Claim deed and everyone would have an interest in the property, I have seen this happen.
Now the title company will want to talk to the person that signed the Quit Claim deed to make sure no other parties are involved and have them sign a statement as such. If your buyer is not available or you cannot find them, you will have a problem with the title company.
So always get a Warranty deed, it simplifies your investing career.
John $Cash$ Locke
Hi:
Sorry for thanking you so belatedly.
sayana