A deed transfers ownership of a property from one party to another. A warranty deed and a quitclaim deed are the two most common kinds; a quitclaim deed makes no assurance that the property is free and clear of any liens or encumbrances and provides far less protection to the recipient of the property.
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A warranty deed, on the other hand, which is used in most real estate sales, warrants a clear title after a title search is completed. Quitclaim deeds are commonly used when the property is:
- transferred from one family member to another
- when a spouse’s name is added to the property title
- when someone’s name is removed from the property title, such as during a divorce
A quitclaim deed doesn’t erase or affect any existing mortgage that the owner is responsible for quitclaim. Deeds are also not reversible. Once the deed is signed and delivered, the individual transferring it no longer owns the property.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
