![]() A quitclaim deed can also transfer property to a family member or business partner without incurring a transfer tax. One major advantage is that it can be a quick and easy way to transfer real estate ownership, especially in cases where the parties know each other and have no property disputes. There are several benefits to using a quitclaim deed. This means that the grantee assumes all risks associated with the property. ![]() Unlike a warranty deed, which guarantees that the title to the property is clear of any encumbrances or defects, a quitclaim deed only transfers the interest that the grantor may have in the property. How Quitclaim Deeds WorkĪ quitclaim deed transfers real estate ownership from one party to another without any warranties or guarantees. The term "quitclaim" refers to a release or surrender of a right, and a quitclaim deed is used to release any claim or interest that the grantor may have in the property being transferred. The quitclaim deed is rooted in English common law, where it was used to transfer land ownership. We will also discuss the legal requirements for a quitclaim deed and the importance of working with a real estate attorney. This article will explore the origins of quitclaim deeds, explain how they work, and discuss their benefits, disadvantages, and risks. Give us a call today at 305-255-FIRM or contact us online.A quitclaim deed is a legal document that transfers real estate ownership from one party to another. Before you sign any document, you should have a lawyer look over it to ensure that it is valid and legally binding. Our experts are happy to draft a legal document for you or review a document that has been presented by another party. If you need help creating or verifying the legality of an existing quit claim deed, Aguilera Law Center, P.A. After you file, everything is finalized and the property ownership is transferred. Then, depending on where you live, you might need to file the document with the county clerk. Often, the grantor’s signature needs to be notarized. In some states, the signatures of both parties and witnesses are also necessary. Your quit claim deed will include a legal description of the property, its county, the date of transfer, the names of the grantor (the person transferring the property) and grantee (recipient), and the amount paid. With a little bit of help from a lawyer, quit claim deeds are easy to create and file. You want your home to be included in your trust.You and your spouse are divorcing and you want to sign over your half of the house or.You got married and you want to add your spouse to the title of your property.A family member “sells” you a home or other piece of property.Here are just a few times when this document might be the best bet for you: There are a couple of perfect instances for a quit claim deed. This means that if money is owed on a property and a quit claim deed is signed, the original purchaser is still responsible for payments for the property, even though it is no longer in his or her possession. Now, she would co-own it with her brother’s friend.Īlso, be aware that a quit claim deed does not transfer the mortgage or any loans against the property to the new owner. For example, if two friends invest evenly in a piece of recreational property and one wants to sign his half over to his sister, that would make the sister a half-owner of the property. This means that the title transfer can happen at a faster pace, but it also means that you run the risk of signing papers with a person who is not authorized to transfer the title of the property to you.Īdditionally, be aware that a quit claim deed can only transfer the owner’s portion to the recipient. In this transfer, no research is done on the title. Contact now.Ī quit claim deed, which is also sometimes called a quick claim deed, is a written document used to transfer the title of a property from one person to another. Let your dream come true: Don’t miss your chance to get a Green Card – Apply online today and be one of the next lucky Diversity Visa Program selectees. The Electronic Green Card Program is officially called the Diversity Immigrant Visa Program, popularly known as the Green Card Program. Here’s more about quit claim deeds and when you should use them. ![]() Although this is not a great idea for real estate sales, it can be very handy in several situations. ![]() When you are wanting to transfer ownership of a property or piece of real estate quickly, you might think about using a quit claim deed. ![]()
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