Should I Use A Quit Claim Deed To Buy My House
Most of us have heard about different kinds of deeds like quit claim deed, Warranty deed, Grant deed etc and the quit claim deed is may be most popular deed among these deeds. So some times most of us do not know which type of deed should we use for buying or selling a property. It is already said that the quit claim deed is the most popular kind of deed; so should we use a quit claim deed to buy a house?
Quit claim means the owner is quitting all the claim from the property. People use a quit claim deed to transfer the share of property among family members and friends but people generally do not use a quit claim deed for buying or selling a property. It is better to use a grant deed or a Warranty deed to buy or sell a piece of real estate property.
Now why should not we use a quit claim deed? There are many reasons…
- A quit claim deed does not assure that the title of the property is free from all the liens
- An Warranty deed assures that the title of the property is free from all kind of liens and the seller is the owner of the property and has the right to sell the property.
- The mortgage lender would most probably want you to use a warranty deed.
You can use a quit claim deed to buy a property but as we all know that selling or buying a property involves big money. So it is better to be in the safe side and use a Warranty deed to buy your dream home.