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What does a quit claim deed do?
Quitclaim deed. A quitclaim deed is a legal instrument that is used to transfer interest in real property. ... The owner/granter terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Why would you use 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.
Is a quitclaim deed good?
A quitclaim deed can convey title as effectively as a warranty deed if the granter has a good title when the deed is delivered. ... 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.
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.
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.
Is a quitclaim 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.
Who can help with a quitclaim deed?
Quitclaim deeds, therefore, are commonly used to transfer property within a family, such as from a parent to an adult child, between siblings, or when a property owner gets married and wants to add his or her spouse to the title. Married couples who own a home together and later divorce also use quitclaim deeds.
Why would someone do a quitclaim 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.
Who can do a quit claim deed?
Married couples who own a home together and later divorce also use quitclaim deeds. When one party acquires the home in a divorce settlement, the other may execute a quitclaim deed to eliminate his or her interest in the property (and to comply with the court's decision).
Are quitclaim deeds 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.
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