An attorney, an accountant and an actor walk into a bar.
All three offer you a deed to their land..
The attorney speaks up, “My land is sure to be to your satisfaction. Take my Warranty Deed.”
The accountant adjusts his glasses and steps forward. “No, my land is better. Take my Bargain and Sale Deed.”
The actor slides gracefully between you and the other two and theatrically professes. “My land is best! Take my Quit Claim Deed!”
All lands being equal, does it matter whose document you accept?
Although these are the most common deed types in New York State, they are not equal.
A Quit Claim Deed will only convey the interest which the Grantor actually has. There is no guarantee that the actor owns the land or that it is free from encumbrances.
The accountant’s offer is a little better as a Bargain & Sale Deed. His deed guarantees that the grantor is the current owner and has the right and ability to sell the property. However, this deed does not offer a guarantee that the land is free from encumbrances. This means that the title may be clouded by things like easements or liens.
Your best option lies in the hands of the attorney. Like the Bargain & Sale Deed, a Warranty Deed guarantees the right and ability of the grantor to sell the property. But, unlike the Bargain & Sale Deed and the Quit Claim Deed, the attorney’s Warranty Deed also certifies that the title is free and clear of any liens, encumbrances, easements or interests and offers the highest level of protection for you as a buyer.
