How Does a Quit Claim Deed Work?
Types of Deeds To many people, a deed is a deed is a deed. There are a variety of types of deeds. The most common are the warranty deed and the deed of trust. These are the most reliable and enforceable deeds used, because they provide guarantees of authenticity to buyers and owners. Other commonly used deeds include quit claim, foreclosure and tax deeds. A property owner in financial difficulty can also offer a lender a deed-in-lieu-of-foreclosure to avert legally losing the property because of mortgage default. What Quit Claim Deeds Don’t Offer Quit claim deeds are the least desirable of the commonly used types, because they offer no warranties or covenants to the buyer or grantee (entity taking ownership). There are no guarantees that the grantor (person transferring ownership) has the right to even make a transfer of ownership. For example, John Smith (grantor) transfers ownership of Fenway Park (owned by the Boston Red Sox major league baseball team) to Robert Jones (grantee). In
