Is a warranty deed the same as a deed?

“DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee.” A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee. The grantor may also make certain future covenants in the Deed.

What is the best kind of deed?

Quitclaim Deed This type of deed conveys whatever interest the grantor currently has in the property—if any. No warranties or promises regarding the quality of the title are made. If the grantor has a good title, the quitclaim deed is essentially as effective as a general warranty deed.

Is a Quit Claim Deed as good as a warranty deed?

Warranty deeds are better than quit claim deed in that it provides more protection for the buyer. With a warranty deed, the buyer has legal recourse should something wrong with the title come up (such as the appearance of claimants to the property).

Do I need a Quit Claim Deed or a warranty deed?

No, you only need to do one deed. If you do a warranty deed, you are warranting title to the person receiving the property. If you do a quit claim deed, you are simply stating you are transferring whatever you have.

Can I convert a Quit Claim Deed to a warranty deed?

First, so long as you own the property you purchased, you are obligated to pay its property taxes. One way to get a warranty deed to the property you acquired via a foreclosure where you got a quit claim deed for it is to simply deed the property to yourself or a trust that you created as a grant (warranty) deed.

Does a quitclaim supersede a previous warranty deed?

They’re as effective as a warranty deed to transfer title, but only if the title is good. A quitclaim deed can convey title as effectively as a warranty deed if the grantor has a good title when the deed is delivered. It is the lack of any warranties, however, that make a quitclaim deed less attractive from a grantee’s perspective.