Final answer:
Quitclaim deeds transfer the grantor's interest in a property without guarantees, while a grant deed conveys fee simple ownership, with certain warranties. Restrictive covenants are legal provisions in deeds that limit property use to protect neighborhood values.
Step-by-step explanation:
The quitclaim deed is a legal instrument by which the grantor (seller) transfers whatever interest they have in the property to the grantee (buyer) without making any guarantees about the extent of their interest, if any. In contrast, a grant deed conveys fee simple ownership, provided the grantor has such an interest, and typically guarantees against past claims or encumbrances. Therefore, while a quitclaim deed can be used to transfer fee simple interest, it does not provide the grantee with any warranty regarding the validity of the estate or freedom from encumbrances the way a grant deed does.
Additionally, restrictive covenants can be included in deeds to limit the ways in which a property can be used, aiming to preserve the character or quality of a neighborhood. These covenants are legally enforceable provisions that are meant to protect property values and can dictate a wide range of requirements and limitations.