Easily Replace Option Field from the Warranty Deed

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How to Replace Option Field from the Warranty Deed

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In response to a viewer question from Gina about converting a quitclaim deed to a warranty deed after purchasing a foreclosure, attorney Robert Flesses explains that it's not possible to change the nature of the deed. A quitclaim deed only transfers whatever title and interest the seller had at the time of sale, without additional guarantees or protections. Essentially, you're limited to the seller's interest, and cannot transform it into a warranty deed, which typically offers more assurance regarding the title's validity. The video emphasizes the inherent limitations of a quitclaim deed in real estate transactions.

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What would a quitclaim deed commonly be used for?

A quitclaim deed is a document that is used to transfer ownership of real estate from one party to another. Quitclaim deeds are also sometimes called quit claim deeds or quick claim deeds because they are a fast way to accomplish real estate transfers.

How does a quit claim deed work in Tennessee?

A Tennessee quitclaim deed form transfers the current owners entire interest in the property with no warranty or covenants of title. The new owner (the grantee) receives whatever ownership interest the current owner (the grantor) can legally transfer.

What are the different types of property ownership in Tennessee?

Tennessee recognizes four basic types of ownership: sole ownership, tenancy by the entirety, joint tenants, and tenants in common. In this type of ownership, one individual or entity owns the property completely with no other tenants. Tennessee does not recognize community property, homestead, or dower and curtesy.

What are other names for warranty deed?

A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. A special warranty deed only warrants against problems in the property title that occurred during ownership of the property.

What is the difference between a warranty deed and a quitclaim deed in Tennessee?

A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.

What is a deed that transfers title to property without any warranties called?

A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property.

What is a warranty deed in TN?

A Tennessee general warranty deed is a form that conveys real estate from a seller to a buyer and guarantees that the title is free and clear of all liens and encumbrances.

How do I transfer ownership of a property in Tennessee?

Tennessee real estate owners can transfer ownership or change how property is titled by recording a signed, written deed. Tennessee recognizes three primary types of deeds. The distinguishing feature of each type is the warranty of title it provides the new owner.

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Replace Option Field from the Warranty Deed