Quitclaim Deed
What Is a Quitclaim Deed?
Quitclaim deeds are important legal documents that are used to quickly release a claim to a property. They allow the transfer of title of real estate that is to be granted to another party, although without providing guarantees of rights to ownership.
These kinds of deeds can be practical in a number of different legal processes and knowing how to use one effectively can be crucial. Read on to learn more about how quitclaim deeds are used and how they compare to other title transfer contracts.
How Quitclaim Deeds Are Used
A quitclaim deed is used when an owner wishes to cede ownership of a shared or solely owned property to someone else. This allows the title to be quickly transferred to the named party on the deed and makes these kinds of contracts practical in the following situations:
- Transferring ownership of a property to a family member
- Adding or removing a spouse’s name from the title after a marriage or divorce
- Passing ownership to a business partner or company such as an LLC
- Granting property to an heir named in your will
Create Your Own Quitclaim Deed
However, it’s important to note that while a quitclaim deed transfers the title of the real estate being traded, it does not remove any liens or encumbrances on the property. The original owner’s name will remain on any mortgages that have yet to be paid off. To change these details it is necessary to contact the lender directly.
Due to the fact that quitclaim deeds offer no warranties of ownership rights from the grantor (current owner) to the grantee (the new titleholder), they are most often used between people with already established relationships. For example, between direct family members or trusted business partners.
Quitclaim Deeds Vs Warranty Deeds
Quitclaim deeds differ from other title contracts as they make no guarantees of ownership rights. They are sometimes called no-warranty deeds for this reason.
The alternative to a quitclaim deed is a warranty deed. These transfer the title of the property to a new owner and offer cast-iron guarantees that the owner possesses all rights to the real estate. For this reason, they are commonly used in real estate deals between unfamiliar parties.
Signing and Notarizing a Quitclaim Deed
Because a quitclaim deed transfers an interest in a property from one party to another it is necessary to sign the contract in front of a notary public. Furthermore, it is often necessary to have at least one or more witnesses observe the signing depending on your state.
Before signing a quitclaim deed it is important to check your local property laws to see what requirements apply in your case. This will help to make sure that your document is fully effective when it is signed and put into use.
Helpful Resources:
What Is a Quitclaim Deed?
Quitclaim deeds are important legal documents that are used to quickly release a claim to a property. They allow the transfer of title of real estate that is to be granted to another party, although without providing guarantees of rights to ownership.
These kinds of deeds can be practical in a number of different legal processes and knowing how to use one effectively can be crucial. Read on to learn more about how quitclaim deeds are used and how they compare to other title transfer contracts.
How Quitclaim Deeds Are Used
A quitclaim deed is used when an owner wishes to cede ownership of a shared or solely owned property to someone else. This allows the title to be quickly transferred to the named party on the deed and makes these kinds of contracts practical in the following situations:
- Transferring ownership of a property to a family member
- Adding or removing a spouse’s name from the title after a marriage or divorce
- Passing ownership to a business partner or company such as an LLC
- Granting property to an heir named in your will
Create Your Own Quitclaim Deed
However, it’s important to note that while a quitclaim deed transfers the title of the real estate being traded, it does not remove any liens or encumbrances on the property. The original owner’s name will remain on any mortgages that have yet to be paid off. To change these details it is necessary to contact the lender directly.
Due to the fact that quitclaim deeds offer no warranties of ownership rights from the grantor (current owner) to the grantee (the new titleholder), they are most often used between people with already established relationships. For example, between direct family members or trusted business partners.
Quitclaim Deeds Vs Warranty Deeds
Quitclaim deeds differ from other title contracts as they make no guarantees of ownership rights. They are sometimes called no-warranty deeds for this reason.
The alternative to a quitclaim deed is a warranty deed. These transfer the title of the property to a new owner and offer cast-iron guarantees that the owner possesses all rights to the real estate. For this reason, they are commonly used in real estate deals between unfamiliar parties.
Signing and Notarizing a Quitclaim Deed
Because a quitclaim deed transfers an interest in a property from one party to another it is necessary to sign the contract in front of a notary public. Furthermore, it is often necessary to have at least one or more witnesses observe the signing depending on your state.
Before signing a quitclaim deed it is important to check your local property laws to see what requirements apply in your case. This will help to make sure that your document is fully effective when it is signed and put into use.
Helpful Resources: