What is the difference between a general warranty deed and a quitclaim deed?
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Explanation
A general warranty deed is the strongest form of deed and is most common in standard real estate purchases. It includes covenants guaranteeing that the seller holds clear title, has the right to convey it, and will defend against any future claims to the property from any period in history. A quitclaim deed transfers whatever interest the grantor has at the time of signing with zero warranties, meaning if there are undisclosed liens or competing ownership claims, the buyer has no legal recourse against the grantor. Quitclaim deeds are commonly used between family members, to correct title defects, or in divorce settlements, not in arm's-length purchase transactions.
Home insurance, also known as homeowner's insurance, protects your property and belongings against damage, theft, and liability. Lenders require it for all mortgage-financed properties.