The deed is a legal instrument which is signed, sealed, written document and delivered with conveying land and legal interest or right. There are many types of deed according to law like the General Warranty Deed, The Special Warranty Deed, the Bargain and Sale deed, The Quitclaim Deed, the Grant Deed and deed in lieu of foreclosure.

The Grant Deed: The Grant Deed is much similar to the General Warranty Deed in which a real property as well as the warranties is transfer or sale by the grantor to any other person or entity.

The Quit Claim Deed: The Quit Claim deed disclaims any interest without warranties of the grantor in a real property. This deed instrument is used to transfer real property to heir or spouse at death of the actual owner or grantor without any guarantee or warranty.

The grant deed is used to sale real property mainly and the quit claim deed is used when the property is not selling but transferring to other. Basically the quit claim deed is used mainly transferring property in between the family members at the time when the owner die and will it to his heir but the grant deed can be used in mostly sales of property to anybody. The grant deed has a title insurance policy to back up you against any problem after the sale or transfer the real asset but the quit-claim deed has no any title policy for safety from the disputes regarding the ownership and transfer.

The Quit Claim deed is very risky without title insurance for the new owner of the asset but in case of grant deed if the person gets no claims, he may get compensation as per the title insurance policy. It is helpful discussion about the differences Between Quit Claim deed and Grant Deed so you may get help to understand those deeds well.

Using a quit claim deed does not transfer the mortgage or any other loans against the property. If the property is a mortgaged property then even after the quit claim the owner will still be obliged to pay the remaining the mortgage. The owner or the grantor should inform the lender before the quit claim if the property is mortgaged, otherwise the lender can take some actions or claim the due amount in full.

A quit claim is used mostly among the spouses at the time of divorce. People want to divide every thing that they have shared so long. Divorce is itself a hectic and time consuming process. The quit claim deed should notarized and recorded as soon as possible to make that deed valid. Though the time length of recording a quitclaim deed differs from one state to another but it is better to record the deed as soon as possible so that the grantee do not need to face any problem in future.