You’re in your neighborhood and you spot a fantastic looking house. It’s so fantastic in your mind that you actually go up to the neighbor’s house, knock on their door and you tell them that you want to buy their house. The neighbor agrees, and as you’re about to make a monetary transaction for the house, you’re told that you will be getting a quitclaim deed.
What’s a quitclaim deed?
A quitclaim deed is what allows an individual to own and possess the title. However, what a quitclaim deed means for the person who will be possessing it is that if there are any issues or defects with the title, the transaction cannot be reversed. This is because with a quitclaim deed, the purchaser is agreeing to buy the title as is, with no need for the person selling it to fix said defects.
What does? A warranty deed.
A warranty deed is giving a guarantee or assurance of the marketability of the title, as well as all of the other warranties that go into buying a house. Darren Findling of QuietTitle.com explains more: