Deeds: Deed and Property Essay

Submitted By Tcross40
Words: 474
Pages: 2

According to Miller & Hollowell (2011), ownership of property can pass from one person to another in a number of ways. The most common one is a transfer of sales, in which is specified in a real estate contract. The property is conveyed by the means of a deed when it is sold or transferred as a gift. There are two forms of deeds, warranty and quitclaim deeds. Deeds are documents that are used to pass the title of a property. A warranty deed is a deed under which the grantor provides a number of guarantees to grantee concerning title and assures that the grantee or receiver will enjoy quiet possession (Miller, 2011). For example, I purchased a home from the previous owner and was provided a warranty deed because they claimed their property was in like new condition and guaranteed satisfaction. I accepted the warranty deed because I did not want to pay for any defects or mishaps later. An article on RocketLawyer.com suggests a warranty deed should be used if: you are selling or buying the property and want to have warranties against problems with the title include in the deed or if you are transferring ownership in a property to a trust. A warranty deed usually includes a covenant of quiet employment, which promises grantor will not disturb the buyer or grantee in his or her possession of the property. A quitclaim deed offers the least amount of protection against defects in the title (Miller, 2011) or a title being free and clear of liens (Broemmel, 2014). It is a deed intended to pass any title, interest, or claim that the grantor may have in the premises, but not professing that such title is valid and not contain any warranty. A quitclaim deed is viewed as “As Is” deed, meaning a person is taking a chance on a property even if it has unknown defects. According to Broemmel (2014), the person conveying an interest in real estate with a quitclaim deed essentially is doing so in an "as is"…