Prescott AZ Real Estate Quitclaim, Bargain, Sale and Grant Deeds
April 12th, 2007
While the general warranty deed and the ,special warranty deed offer the grantee certain guarantees and convenants in regards to the title being transferred, the deeds that will be described on this page offer very little to no protection for the grantee.
Bargain and Sale Deeds
Typically these deeds do not provide any expressed warranties, however there are cases where some of these may contain a convenant that state that the title is free from encumbrances arising while the grantor held title. Most of the time this type of deed is used by court officials or fiduciaries that hold the property not by title, but by force of law, such as properties seized for unpaid taxes and sold at sheriff’s sale.
Quitclaim Deeds
While the general warranty deed contains the most amount of protection for the receipient of the title, also known as the grantee, the quitclaim deed on the otherhand offers the least protection. Although the quitclaim deed does not provide any convenants, it does convey whatever title is held by the grantor.While in the process of your Prescott AZ real estate transaction, you may come into contact with a quitclaim deed at the escrow agent’s office for purposes of curing technical defects (clouds) on the title. In addition the quitclaim may be used to eliminate the potential claims against the real property from persons with an uncertain or potential interest in the property.
Grant Deeds
The grant deed is similar to the special warranty deed. When used the grantor is not providing any warranty against the acts of previous owners. This deed ensures only that there were not any encumbrances incurred while the title was held by the grantor (except any that are mentioned in the deed), it also ensures that the grantor has not conveyed the title to anyone else.
Entry Filed under: Prescott Arizona AZ Real Estate Market
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