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Answering: Frequently Asked Questions About Quitclaim Deeds
In this article, we will talk all about quit claim deeds and what they signify. A quit claim deed is a legal document transferring or relinquishing ownership or interest of a property from one party to another. A quitclaim deed is a common sight in real estate transactions for family settlements.
What Is A Quitclaim Deed?
It is the voluntary transfer of the rights to a property. The transferring party is known as the grantor, and the party to whom it is being transferred is known as the grantee.
Unlike other deeds, such as warranty deeds, quit claim deeds do not guarantee any rights to the property’s title. It is only an instrument of transfer of the title to the property.
The grantee of a quit claim deed receives only limited protection. There are no assurances about competing claims, liens, or other encumbrances relating to the title.
A quit claim deed is only (most commonly) used when the granter and the gravity already have a relationship. It is there for use in transfers between family members, between spouses after a divorce, or any similar matter.
A quit claim deed has its use but is unfortunately inappropriate for all situations. When an unknown party purchases a property, it is clear to opt for deeds that can be held more accountable, such as warranty deeds.
Let us now address some of the most commonly asked questions regarding a quit claim deed.
Yes, a quitclaim deed transfers ownership and interest from the granter to the grantee. However, it is very important to note that it does not provide any protections to the granted ownership. If future claims are made on the property, this deed will not protect you against such claims. Therefore it is better to opt for a warranty deed if dealing with unknown parties.
Unlike other legal documents, a quit claim deed does not have an expiration date. There is no specific time limit after which this document stops being legally binding. The authority of one deed only stops when another deed is made to transfer the title to another person.
If you wish to convert a quitclaim Deed to a warranty deed, the grantee will have to reach an agreement with the grantor or the other way around. You can start by establishing communication. If both parties are willing to proceed with a warranty deed, then the matter is solved.
However, if things are complicated and you cannot reach common ground, you can always choose to consult a real estate attorney. They will get in touch with the opposing party and prepare a new warranty deed. After the execution and notarization of the deed, you will now have yourself a warranty deed. However, after notarization, the deed has to be recorded in the appropriate government office, along with notifications being sent to all parties mentioned in the deed.
There are doubts about these deeds being suitable for real estate transactions. While quit-claim deeds can be used for transferring property, they are considered less secure because they do not come with any level of protection, as other deeds do, i.e., warranty deeds. As the name suggests, warranty deeds provide warranties and assurances to the grantee about the title to the property. Therefore, even if a quit-claim deed can be used in real estate transactions, a warranty deed is a better choice for making them.
If you still have doubts about your quit claim deed, it is always good to consult with your real estate attorney to have a better understanding of the matter.
We hope you found this article helpful and informative!
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