Deed Without Warranty Vs Quitclaim Deed In Cook
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A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.
Most current deeds fall into one of four categories: 1) General Warranty, 2) Special Warranty, 3) Quit Claim deed, and 4) Bargain and Sale deed. General Warranty Deed — The General Warranty deed is often referred to simply as a warranty deed.
Common uses – Typically, quitclaim deeds are used for lower-risk transfers between related parties. In contrast, warranty deeds are used for real estate sales and high-value transactions involving unrelated grantees. Grantee risks – With a quitclaim deed, all risks remain with the grantee.
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title. In a worst-case scenario, the buyer can sue the seller if they find out that the property had any liens or claims against it.
General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property, if any. The grantor only “remises, releases, and quitclaims” their interest in the property to the grantee. There are no warranties or promises regarding the quality of the title.
It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.
The Cook County Quit Claim is a document used to transfer real estate property without warranties. It is used to transfer title from one party to another without warranties or any type of guarantee of title. This document is typically used in the transfer of real estate in Cook County, Illinois.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
A deed without warranty is a deed that conveys title but with no warranty against any problems with the title. A buyer who later discovers the presence of easements or problems with the title cannot sue the seller. Deeds without a warranty offer no protection for buyers, but they may be useful in limited circumstances.
