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what is the difference between a warrenty deed and a quit claim deed

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123dmh

Junior Member
What is the name of your state (only U.S. law)? MN
I am wondering when giving property to someone...ie parent to adult child...do you file a warrenty deed or a quit claim deed..with a life estate clause? and if it is a warrenty deed, then
if done with a quit claim deed is it invalid? Thanks
 


Some Random Guy

Senior Member
what is the difference between a warrenty deed and a quit claim deed

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What is the name of your state (only U.S. law)? MN
I am wondering when giving property to someone...ie parent to adult child...do you file a warrenty deed or a quit claim deed..with a life estate clause? and if it is a warrenty deed, then
if done with a quit claim deed is it invalid? Thanks
Warranty Deed: "I guarantee that I own this property and I am selling it to person X"

Quit Claim Deed: "If I own or partially own or have any interest in this property, then I give my rights (if they even exist) to person X"

So, a warranty deed removes any doubt in the transaction. I would suggest getting a local real estate attorney to help with getting the right documents filed and at the correct time.
 

FlyingRon

Senior Member
Some kind of warranty deed is always preferable.
A general warranty deed says I absolutely attest that I own the property. A special deed puts some qualification on it such as I came into ownership to the best of my knowledge and have done nothing myself to encumber the title that I give to you.

The quit claim as SRG says, doesn't admit any ownership. I could quit claim you the Empire State Building and it would mean nothing. It's primary use is to (as the word QUIT implies) abandon any ownership claim you might have without stating you have any. For instance, it's common use is when people are trying to clean up title chains find evidence that someone (divorced spouse, etc...) to have the assert that they have no claims. People who use it for regular property transfer do it at the peril of the recipient.

In *ANY* case, it is always best for the recipient to get a professional title search done and to purchase insurance that warrants the results of that search.
 

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