A bank wants to convey title to a foreclosed property but does not want to give any title warranties or have any future claims or liabilities. Which type of deed should the bank use?

Question

Business

Brennen Rangel

30 November, 13:50

A bank wants to convey title to a foreclosed property but does not want to give any title warranties or have any future claims or liabilities. Which type of deed should the bank use?

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Answers (1)

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Susie Q · Answer 1

The correct answer is letter "A": Quitclaim deed.

Explanation:

Most property transactions involve private deeds. General Warranty deeds provide the buyer with the most protection while Quitclaim deeds provide the least. Purchasing the least amount of protection implies accepting whatever interest the previous property owner (grantor) passing the property. No warranties or promises regarding the title's quality are made.