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Home Q&A Forum Are there risks in accepting a quitclaim deed?

Real Estate

Quitclaim Deed

Georgia

Asked on Oct 1, 2023

Are there risks in accepting a quitclaim deed?

I recently inherited a property from my aunt and I am considering transferring ownership to my cousin using a quitclaim deed. I have heard that there are some risks associated with this type of deed, and I wanted to make sure that I understand all of the potential implications before making a decision. I am looking for advice on how to proceed in a way that is most beneficial for all parties involved.

1 Attorney answer

Answer

Real Estate

Georgia

Answered 276 days ago

Bobby H.

ContractsCounsel verified

Business Lawyer
Licensed in Georgia
Free Consultation

There are generally three broad categories of deeds mostly used to convey property in Georgia, depending on certain warranties, or the lack thereof, contained therein. These categorizes include warranty deeds, limited warranty deeds, and quitclaim deeds. In a warranty or general warranty deed, the grantor generally warrants title, and promises to defend the grantee against third party title claims that either arose, or which are based on events occuring at anytime during the grantor's ownership of the property OR the ownership of any of the grantor's predecessors in title. In a limited warranty deed, a grantor generally warrants and promises to defend the grantee against title claims which arose, or which are based on events occuring during the grantor's ownership only. A quitclaim deed generally contains no warranties. Therefore, the grantee or transferee of a quitclaim deed has little to no recourse against the grantor if there is an issue with the title to the property based on the deed alone. Quitclaim deeds are often used when there is little or no money being exchanged for the property such as when there is a transfer of family property, between family members or where property is gifted.

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