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A Quitclaim Deed is a document that is used to transfer ownership of real property from one party to another. Quitclaim deeds are also sometimes called quit claim deeds or quick claim deeds because they are a fast way to accomplish real estate transfers.
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.
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.
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.
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 granter the person who is transferring a stake in a property to another person has without any representation, warranty or guarantee.
Quitclaim deeds transfer title but do not affect mortgages. ... If the granter has quit claimed the property with the belief that the grantee will make the mortgage payments, the granter has no recourse if the grantee stops making payments or sells the property to another party.
If there is no mortgage, there is of course no way for the quitclaim deed to affect the mortgage. In some cases, the granter does have a mortgage while filing a quitclaim deed. ... The new owner will have the title of the property, but the original granter will still be liable for the outstanding mortgage.
This can be found on an old deed or at your local County Clerk or Registry Office. A parcel ID number will also need to be listed on your Quitclaim Deed in some cases. It can be found on past tax statements. To execute the Quitclaim Deed, the granter needs to sign the deed in front of a notary public.
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.
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