![]() ![]() Quitclaim Deeds Transfer Whatever Interest the Owner HasĪ quitclaim deed is only as good as the title it is transferring. Quitclaim deeds do nothing to affect a mortgage, so a buyer could still be on the hook to pay the mortgage for a property transferred through a quitclaim deed even if they do not fully own the property. ![]() Then, they would have wasted their money. Scammers have been known to use quitclaim deeds to protect themselves from criminal prosecution and civil lawsuits.Īlthough a buyer who received a quitclaim deed may try to sue for fraud, they could end up owning nothing. Deed fraud has been a problem for practically as long as there have been real estate deeds. A typical purchaser would have no interest in acquiring a property through a quitclaim deed because it would leave them with the risk of not owning what they think they should, and not having much if any, legal recourse for it. When two arm’s-length parties are transferring real estate, they generally use a warranty deed. ![]() Quitclaim Deeds Are Not for Common Real Estate TransactionsĪ quitclaim deed is not used in the typical real estate transaction. They are expressly disclaiming any assurances about the title to the property, and they cannot be sued for transferring a clouded or imperfect title. A quitclaim deed is just as valid as a warranty deed however, the grantor is only transferring their interest in the property. In certain circumstances, another kind of deed – a quitclaim deed – could be used to transfer a property. Limited warranty deeds are more commonly used in commercial transactions. A limited warranty deed is similar to a warranty deed except that it warranties against some, but not all, title defects. In the event they transfer a property that has encumbrances or imperfect title, they may be liable in a lawsuit. With this deed, the person transferring the property makes an explicit assurance that the title to the property is free of all defects. The usual type of deed involved in a residential property transfer transaction is called a warranty deed. In Georgia, typically a seller transfers a deed to a property to someone else by warranty deed, limited warranty deed, or quitclaim deeds. ![]()
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