Posted by TRandle on February 14, 2000 at 24:07:21:
Please ignore my Bronchick comment. I’ve found where he states to use whichever is appropriate for my state (Texas). So, my guess is that I would use a WDT, but I would still like input on my questions so I can learn. Thanks…
Warranty Deed to Trustee vs. Quit Claim Deed? - Posted by TRandle
Posted by TRandle on February 13, 2000 at 23:41:08:
Please help me understand the differences in using these documents when purchasing a property subject to the existing liens through an assignment of beneficial interest in a land trust. I’ve heard/read both methodologies and am confused as to why I would not want to use the Warranty Deed to Trustee (WDT). I’m working my way through Bronchick’s Land Trust course for the second time, and so far, it appears he’s recommending the Quit Claim Deed (QCD). If the WDT actually conveys all rights and privileges of ownership and the QCD only documents relinquishment of any ownership rights that may exist, I don’t understand the benefits of a QCD.
What are the advantages/disadvantages of each? In what type situations would I want to use one document over the other if either were available? Thanks in advance for your assistance.
Lets make this simple - Posted by Jim IL
Posted by Jim IL on February 14, 2000 at 24:08:52:
TRandle,
This was being discussed just the other day with a group of investors, and I just kinda watched.
But, after listening, and combining the conversation with my own ideas and thoughts, here is the conclusion I came to;
A quit Claim deed only relinquishes any rights the seller has in the property, if any. No promises or gauruntees as to the condition of title.
A Warranty Deed does give certain promises as to condition of title.
So, I drew this conclusion.
When Buying, use a “Warranty Deed”
When Selling, use a Quit claim.
hope that helps,
Jim IL