Law: Deed Case Study
Gamma contracts to arches ten feet of Wheels property along their boundary line for $3,000.
Wiley Is willing to sell but will give Gamma only a quitclaim deed, whereas Gamma wants a warranty deed. Discuss the differences between these deeds as they would affect the rights of the parties if the title to this ten feet of land later proved to be defective. ” This paper will explain the differences between a quitclaim deed and a warranty deed. While explaining why Gamma wants a warranty deed versus a quitclaim deed. Deeds First we must start by explaining the difference between a Quit Claim Deed and a
Warranty Deed. As Defined on useless.
Com as a Quit Claim Deed is a deed which transfers only that interest in the real property which the grantor actually has. While a Warranty Deed is that which guarantees that the grantor owns title. So what exactly does that all mean? Also why exactly does Gamma want a warranty deed instead of a quit claim deed? What Is a Quit Claim Deed? The legal definition of a Quit Claim Deed Is a deed which transfers only that interest In the real property which the grantor actually has.
This means nothing to e so in layman’s terms “A quit claim deed contains no warranties and the seller doesn’t have liability to the buyer for other recorded claims on the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record.
” (useless. Com) Basically In the event the seller of the property wanted to take back the land It leaves the purchaser with no rights to land. Often this Is used among family members as a way to clear the title and there is little to no question of wineries.
What is a Warranty Deed? The legal definition of a warranty deed is that which guarantees that the grantor owns title. Basically stating that the purchaser has a legal claim to the land and becomes a co-owner making them able to make a claim against the land.
“A warranty deed conveys specifically described rights which together comprise good title. If the property Is owned Jointly, all owners must consent to the transfer. You cannot force a joint owner sign an instrument such as a quitclaim deed that would result in the refigure of the Joint owner’s interest in the property. (useless. Com) This allows the holder of a warranty deed very specific and outlined rights to the property and must be included in any plans to change or sell the property.
Why does Gamma want a Warranty instead of a Quit Claim Deed? Gamma wants a warranty awe Decease It will give near rig nets to ten Lana Tanat a quit claim will not, and as the holder of a warranty deed she will be entitled to her claim of the land and the owner will have to consult her before selling or changing the land in question.
Conclusion In examining the case we have discovered the differences in a quit claim deed and a warranty deed, and also discovered why Gamma wanted a warranty deed over a quit claim deed. A quit claim deed is most often used between family members when no question of ownership and the title Just needs to be cleared. While warranty deeds are used between two parties to ensure the purchaser has rights to the land that the owner can infringe upon.