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Q.I'm confused by all the different kinds of deeds -- quitclaim deed, grant deed, warranty deed. Does it matter which kind of deed I use?
A.The type of deed used does make a difference.
A quitclaim deed transfers whatever ownership interest the owner may have in the property, but makes no guarantee about the extent of the transferor's interest. A quitclaim deed should be used when the party transferring his or her interest in the property is unsure, what amount if any she or he has in the property, For example, quitclaim deeds are often used by spouses who may not be clear as to how much of an interest, if any, one spouse has in a property owned by the two but held in the name of only one spouse.
A grant deed is the most common deed used. A grant deed transfers ownership and implies certain promises or warranties -- that the title has not already been transferred to someone else or been encumbered, except as set out in the deed.
A warranty deed transfers ownership and explicitly promises the buyer that the owner has clear title to the property. A warranty deed may also make additional promises to address particular problems with the transaction.
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