At Gibson & Mullennix, we assist clients in all sorts of land matters. A question we commonly receive is what is the difference between a Quitclaim and Warranty Deed?
A warranty deed basically guarantees the title of the land and guarantees that the seller of the land will cure any title defects even those unknown and even after the title is sold to the buyer.
A quitclaim deed holds harmless the buyer from any unknown title defects.
As a seller, typically when a mortgage is involved on the buyers end a warranty deed is required. A quitclaim deed is normally a cash deal between investors in land. A quitclaim deed is less common for homesteads and properties of higher value. Quitclaim deeds are more commonly used in land without buildings or improvements on them.