What Is A Quit Claim Deed and how does a quit claim deed work?

online Quit Claim Deed

 

The quitclaim deed is proof that you are the owner of the property as the title is transferred to your name. In simple words, we can say that a seller who owns a property can give a quitclaim deed to a buyer and transfer the entire interest of the property to the buyer name.

 

FACTS ABOUT QUITCLAIM DEEDS:

 

  • The ownership is transferred without any warranties.
  • These deeds are useful where there is strong trust between family members or business partners.
  • Quitclaim deeds are not used to transfer property that has an existing mortgage on it.
  • A quitclaim deed is a perfect vehicle for land transfers to business subsidiaries and parent companies.

 

WHEN TO USE QUITCLAIM DEED?

 

  • If you are planning to transfer property to a living trust.
  • While transferring property to a business entity.
  • When you are giving up your interest in real property to your spouse.
  • If you want to show a name change that affects an existing deed.
  • While gifting a property to your near and dear ones or any family member.

 

INFORMATION REQUIRED TO MAKE A QUITCLAIM DEED:

 

  • Full address and location of the property
  • Marital status of grantee as well as grantor
  • An address where the original deed should be sent
  • Size of property in the name grantor, like some part in the property or the whole property.
  • Type of area in which property is situated
  • Address of the notary where the document has been signed
  • Date, when you want to transfer the property
  • If you are transferring some money with the property, then you have to mention the amount of money.

 

These days, the quitclaim deeds can be used to remove apparent defects in the title without the time and expenses of litigation. So, if you are planning to buy or sell any property then you must use quitclaim deed from DocsCreator.com.

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