Selling Your Home

Selling Your Home



Selling Your Home
If you​ are in​ the​ market of​ purchasing or​ selling a​ home,​ it​ is​ likely that you​ will come across many different documents of​ a​ wide variety,​ each of​ these will likely have different uses,​ functions,​ and names associated with it .​
When selling or​ buying a​ home two documents that are misunderstood the​ most are called quit claim deed and warranty deed .​
People tend to​ believe that both forms are exactly alike,​ well I​ am here to​ tell you​ differently .​

Warranty Deed
This document is​ a​ deed that is​ presented to​ you​ by the​ seller and can be used in​ a​ wide variety of​ transactions that involve sales .​
This warranty basically tells you​ that the​ property being sold is​ indeed owned by the​ seller and that there are not any types of​ liens placed upon it,​ essentially saying it​ is​ free and clear .​
This assures the​ buyer that the​ seller has all legal rights in​ transferring ownership to​ them without any type of​ holdings on​ it .​
This means that there are no claims that could be made by anyone that may include financial institutions or​ otherwise,​ on​ this property .​
With the​ warranty deed,​ the​ buyer is​ protected by the​ court of​ law if​ the​ claims should prove to​ be false or​ the​ event occurs when someone does have the​ ability to​ place claim on​ the​ property .​
The law states that in​ either of​ these events,​ the​ buyer would be entitled to​ compensation of​ some form .​
It is​ seldom that the​ warranty deed will not be coupled with an​ insurance policy on​ the​ title,​ so the​ buyer is​ assured a​ free and clear title .​
Quit Claim Deed
This deed is​ on​ the​ opposite end of​ the​ spectrum from the​ warranty deed .​
The quit claim deed,​ is​ generally presented to​ you​ by a​ seller who likely does not personally own the​ property in​ question,​ however,​ they do have some responsibility over it .​
There are a​ variety of​ reasons that a​ quit claim deed can be used this can include,​ when the​ actual owner has died but has left the​ property in​ question to​ a​ friend or​ family member .​
Additionally,​ it​ can be used when a​ couple has gotten married and the​ spouse wants to​ include the​ other party on​ the​ title .​
This type of​ deed does not offer the​ same type of​ assurances to​ the​ buyer as​ the​ warranty deed does,​ it​ is​ for this reason that this is​ typically used when the​ sale will occur within the​ family.




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