Real Estate Deeds: Quitclaim Deeds, Warranty Deeds, and Contract for Deeds

Across the average individual’s lifetime, the most important financial decisions often boil down to the acquisition and selling of real estate. Because so many people place a lot of “stock” in their home equity, it’s important that they also protect their interests at every turn by having the right legal documentation handy.

But what is the “right” legal documentation for your situation? Let’s take a look at real estate deeds and you’ll likely find a contract you’ll use in the future.

Quitclaim Deeds

Quitclaim deeds usually deal with the interest in a property, not necessarily the actual ownership. For example, if you purchase a piece of real estate from someone with only a quitclaim deed, you risk the possibility that the person selling the quitclaim deed doesn’t actually own the title of the real estate in question. Instead, quitclaim deeds are used to indicate the interest in a property without any actual promise of guaranty attached.

Warranty Deeds

These are the deeds that actually ensure that the title of a property is being transferred along with the interest in the property itself. Because it comes with this guarantee, a warranty is actually more common than a quitclaim deed in the world of real estate – and there’s a good chance that this is what you came here searching for.

Contracts for Deeds

This is essentially an agreement on the price for a piece of property – the sign that two parties have come to an agreement on the sale, but not the actual contract of the sale transaction. The seller of the property will be able to retain legal control of it until an agreement of payment has been made and further documentation has been signed.

Be sure to research deeds to see what kind of rights you have both as a buyer and as a seller – and you’ll learn how to tell when people are looking to pull one over on you.

Articles About Real Estate Deeds

Why a Contract For Deed Might Be Ideal For Your Situation How Land Contracts Work and How You Can Use Them in Your Life What are Quitclaim Deed Forms? Understanding all of the Deed Forms: Quitclaim Deeds, Contract for Deeds, General Warranty Deeds, and Special Warranty Deeds Warranty Deed