Posted on November 26, 2010.
Quitclaim deed vs. warranty deeda My mother and my father-in law want to sign more than one acre of land for us that they own. They want it completely on our behalf. The land is in Georgia. What type of act would we need to prepare a quitclaim deed or a warranty deeda Quitclaim, from what I read seems sufficient, but we want to ensure that everything is done properly .... So please could someone help me understand this a little better. We would try to avoid lawyers and all that noise and muss and try to establish ourselves in order to reduce costs.
All your advice is appreciated. Thank you in advance!
A quitclaim deed is enough to send any and all interest they may have on these properties. The only difference is that they do not guarantee that they have clear title to the property. You get what property they have is just that you have no recourse against them if a third party comes and claims some interest in the property.
With a warranty deed, they are a guarantee that they do possess the property, and if someone makes a claim later, you would be able to come back on them and sue for breach of warranty. Given that these are parents, and assuming you trust them, a quitclaim deed is all you really need.
Is this a whole parcel or is it part of a larger lot (as they have 5 acres and give you a part of it)
If this is the entire section of a quitclaim deed is enough. If you give a part of a larger plot that you need to do a little more ... like getting the land surveyed.
JP he is absolutely right. A warranty deed on the various "security", the most important being that the title is guaranteed free of defects and charges. So if you buy a property by warranty deed, and later it turns out that another person has a statutory easement allowing it to place a pipeline of 10 feet through the property, you can sue the seller for breach of warranty. A quitclaim is no guarantee. Thus, in the example pipeline, you, the buyer shall have no recourse against the vendors. With a quitclaim, you are literally buying "as is".
Either a waiver or warranty deed is well in your situation. But I heard stories that title insurance companies, for one reason or another, quitclaim deeds do not like. I do not really know why. If you intend to have a title insurance policy, you may want to contact a company first song, before carrying out any means of transport.