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A quitclaim deed cancels your title insurance, but a warranty deed keeps it active. Before choosing, compare the cost of a warranty deed against buying new title insurance for the transfer.
A quitclaim deed cancels your title insurance, but a warranty deed keeps it active. Before choosing, compare the cost of a warranty deed against buying new title insurance for the transfer.
Uh, but I'm coming to you related to quitclaim deeds versus warranty deeds and transferring property. Some important things for you to know related to that. So I hear a lot about family members transferring property from one family member to another, and it's really easy to use a quitclaim deed. But just know that when you use a quitclaim deed, the title insurance that was bought previously on that property gets axed, gets— becomes null and void if you use a quitclaim deed. If you use a warranty deed, the title insurance remains in effect. So what you need to do is price out what's the cost of using a warranty deed versus buying new title insurance. But just know that if you use a quitclaim deed to transfer property, the title insurance policy is canceled. So there you go, a little bit, uh, about quitclaim deeds, warranty deeds, and title insurance on your property. Thanks for tuning in.
