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Is a quit claim deed the same as a deed?
A quitclaim deed only transfers the granter's interests in a piece of real estate. It does not create any warranties on the title. Only whatever part of the land the granter owns, if any, will transfer to the grantee. A warranty deed contains a guarantee that the granter has legal title and rights to the real estate.
Why would someone do a quit claim deed?
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners divorce and one spouse's name is removed from the title or deed.
Does a quitclaim deed give you ownership?
A person who signs a quitclaim deed to transfer property he does not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
Do I need a lawyer for a quit claim deed?
A quit claim deed transfers the legal ownership of the property from one party to another, and doesn't require attorneys or legal help, unless you choose to consult an attorney.
How long is a quit claim deed good for?
In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the granter or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.
Can I sell property with a quit claim deed?
It's an inexpensive way to transfer property, and, while an owner of a property acquired by quitclaim deed can't sell it without a clear title, the property can be sold later after a warranty deed is obtained. You can then buy title insurance and, with legal title, transfer the property through a warranty deed.
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. Every person listed in the deed should receive a copy of the deed and the original should be recorded.
Can a quit claim deed be changed to a warranty deed?
A quitclaim deed can convey title as effectively as a warranty deed if the granter has a good title when the deed is delivered. If the title contains a defect, for example, the grantee has no legal recourse against the granter under the deed.
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