Recently, I was going through some material about timeshare sales process. I was surprised to see lots of technical terms, some of which I didn't understand. Could any one tell me what's the difference between warranty deed and quit claim deed? Thanks in advance.
Timeshare terms can be a little tricky sometimes, if you don't know exactly what they mean. In a quit claim deed, the seller's interests over the timeshare are simply transferred to the buyer, without any guarantee over the "quality" of the timeshare. In other words, the timeshare may/may not have liens against it. There is no need for the seller to clarify these issues in a quit claim deed. This is why most people don't really go with a quit claim deed. This is done only in the case of gifts or timeshare transfer between relatives or friends, where money is not involved.
In a warranty deed, the seller transfers all the rights to the buyer. Also, he makes certain claims about the "quality" of the timeshare. He assures that he is the owner of the timeshare and no third party claims will be made, there are no payment overdues, and the buyer gets all the rights over the timeshare. This deed puts the buyer in a much safer place, and hence this is the most preferred deed by companies and buyers.
Thanks very much TR Gate. I appreciate it.