This paper will look into the question asked in class BA260 of “Wiley and Gemma are neighbors. Wiley’s lot is extremely large, and his present and future use of it will not involve the entire area. Gemma wants to build a single-car garage and driveway along the present lot boundary. Because of ordinances requiring buildings to be set back ﬁfteen feet from an adjoining property line, and because of the placement of her existing structures, Gemma cannot build the garage. Gemma contracts to purchase ten feet of Wiley’s property along their boundary line for $3,000. Wiley is willing to sell but will give Gemma only a quitclaim deed, whereas Gemma 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 Gemma wants a warranty deed versus a quitclaim deed.
First we must start by explaining the difference between a Quit Claim Deed and a Warranty Deed. As Defined on uslegal.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 Gemma 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 me 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.” (uslegal.com)...
References: USLEGAL.COM, Quit Claim Deed Law & Legal Definition,
Please join StudyMode to read the full document