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Is a quit claim deed legal?

A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the granter, and when the quitclaim deed is properly completed and executed, it transfers any interest the granter has in the property to a recipient, called the grantee.

Why would someone do a quitclaim deed?

A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.

Is a quitclaim deed good?

They're as effective as a warranty deed to transfer title, but only if the title is good. ... A quitclaim deed is often used if the granter is not sure of the status of the title (whether it contains any defects) or if the granter wants no liability under the title covenants.

Who can help with a quitclaim deed?

A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.

What happens if I sign a quit claim deed?

If you sign a quitclaim deed to release yourself from ownership of the property or a claim to the title, then that doesn't mean you are no longer held accountable for the mortgage payment. ... Otherwise, you may be held responsible for unpaid payments despite no longer having a claim to the title.

Is a quit claim deed the same as a deed?

What is a quitclaim deed? A quitclaim deed is a type of deed that transfers the actual legal rights to a property, if any exist, that the granter the person who is transferring a stake in a property to another person has without any representation, warranty or guarantee.

Can I sell property with a quit claim deed?

Quitclaims can be used to transfer property for a price. However, their lack of title warranty recommends them to transactions for no, or low, consideration. Real estate can only be transferred by deed, but no law prescribes the type of deed a seller must use.

Can you sell a home with a quit claim deed?

In your case, your quit claim deed allows you to step into your friend's shoes, and you are free to own or sell the home in the same manner as your friend could have owned or sold it.

Why would someone do a quit claim deed?

Quitclaim deed. A quitclaim deed is a legal instrument that is used to transfer interest in real property. ... This means that the granter does not guarantee that it actually owns any interest in the property at the time of the transfer, or if it does own an interest, that the title is free and clear.

Is a quit claim deed legally binding?

How Do I Make It Legally Binding? In most states, a quit claim deed is considered effective and executed once it has been both signed by the granter(s) and also delivered and accepted by the grantee.

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