Quitclaim Deed
A quitclaim deed is a legal document that allows the owner (grantor) of real property to sign over all ownership interest to another party (grantee). The Grantor makes no warranties that the property is free of debt or other ownership. An example of when to use this is when transferring property within a family or in the event of a divorce and one party no longer has interest in the property. For example, if a woman purchases a house where only she is on the mortgage but wants to give her husband ownership of the home as well, a quitclaim deed can be drawn up.
Warranty Deed
A warranty deed assures the grantee that the grantor (owner) does in fact own the property and has full rights to sell it. In this type transaction, with a proper title search performed, it will be known if there are any liens, mortgages, or other claims to the property before closing. This is most typical type of deed, although is not used when purchasing a bank owned property. Bank owned (foreclosed properties) the bank makes no guarantee of ownership.
Special Warranty Deed
In a special warranty deed the grantor gives ownership of real property with a limited number of assurances. One assurance is that the grantor has in fact received title. The second is that the title was clear of defects while they owned the property. They warrant nothing prior to their taking title and ownership of the property. This type of deed is typically used when purchasing a bank owned property.
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