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A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.
Quitclaim deeds are most often used to transfer property within a family. For example, when an owner gets married and wants to add a spouse's name to the title, or when the owners divorce and one spouse's name is removed from the title.
Quitclaim deed. A quitclaim deed is a legal instrument that is used to transfer interest in real property. ... This means that the grantor 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.
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 grantor is not sure of the status of the title (whether it contains any defects) or if the grantor wants no liability under the title covenants.
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 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 grantor the person who is transferring a stake in a property to another person has without any representation, warranty or guarantee.
Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money. Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage.
Statute of Limitations. 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 grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.
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.
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 grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.
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