Posted by Mike Daly (GA) on April 09, 2002 at 18:37:59:
You’re comparing apples and oranges – although they do both give you an interest in the property. LP agreement is just a contract that gives you the right to buy within a specified time period for a specific price – along with a lease before you buy. Quitclaim deed just means the signor gives up whatever claim they have to the property to you, but doesn’t guarantee it. For real ownership, you want a warranty deed.