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1. WHAT IS THE DIFFERENCE BETWEEN A QUIT CLAIM DEED AND A DEED OF GIFT IN VIRGINIA FOX & MOGHUL LAW FIRM 1 UNDERSTAND A Quit Claim Deed is a legal document that transfers whatever interest the grantor (the person transferring the property) has in a specific property to the grantee (the person receiving the property), without providing any warranties or guarantees about the title or ownership DEFINE 2 This means that the grantor is not making any promises that they have clear ownership or that the property is free from any liens or encumbrances. In essence, the grantee is taking on the property “as-is” and assumes any potential risks associated with the property’s title. IDEATE 3 Let’s say John owns a piece of land in Virginia, but he is not sure if there are any outstanding liens or title issues. He decides to sell the property to Jane. John and Jane agree to use a Quit Claim Deed for the transaction. In this case, John is not making any guarantees about the state of the title or the property’s ownership. Jane is taking on the property with the understanding that there may be potential title issues, and she will be responsible for resolving them if they arise EJECUTAR 4 A Deed of Gift, on the other hand, is a legal document used to transfer property from one person to another without any exchange of money or consideration. The grantor is giving the property to the grantee as a gift. Like other types of deeds, a Deed of Gift usually includes warranties about the title and ownership of the property. PROTOTYPE 5 The grantor is essentially guaranteeing that they have clear ownership of the property and that it is free from any liens or encumbrances. In Virginia, Deed of Gift transactions are subject to the Virginia Code § 58.1-811, which governs the taxation of gifts of real property. MOGHULLAW.COM