It is almost impossible to transfer any real property from one entity to another without a legal written document. That is why people use different types of deeds for transferring real property. Quitclaim deed is a type of legal document that helps to transfer ownership or interest from person to another. Quitclaim deed is generally used within family members, relatives or friends and mostly among couples at the time of marriage or divorce.
The person who is transferring or quitting his or her claim from the property is called Grantor and who is getting the real property is called Grantee. While the grantor signs a quitclaim deed, it means he or she quits all his claims from the property but it does not assure that title of the property is lien free.
How to make a Quitclaim deed valid:
Quit claim deeds needs to be notarized and recorded in the county recorder’s office of your state to make the deed valid. You can fill a quitclaim deed yourself but it is better to take help from a Notary official to fill the deed properly and clearly so that there are no unnecessary confusion in future.
Importance and usefulness of Quitclaim deeds:
As it is said Quit claim deed is especially important to transfer property easily between family members, close relatives or friends. In case of marriage or divorce, quitclaim deed is a useful tool to add or remove a spouse in the title.
- It can be used to add an heir’s name in the title.
- After marriage a spouse can add his or her porters’ name to the title of the property by using this deed.
- Even at the time of Divorce people use this deed to remove one partners’ name from the title of the property.
- Quitclaim deed is also used to clear a title defect.
Do not use a quit claim deed while buying or selling a real property as this deed does not assure that title of the property is free from all kinds of liens. So, most people prefer to use Warranty deed to buy any property from any unknown person.
One very important thing to mention here is that if the property is mortgage then even if you sign a quitclaim deed, the mortgage will not be transferred and you are still liable to make the mortgage payments on time and make sure that you inform the lender while signing a quitclaim deed.
How to Reverse a Quit claim deed?
Reversing a quitclaim deed is almost impossible one it is signed and recorded properly in the county recorder’s office an signing this deed means the Grantor is quitting all the claims from the property. So be sure while signing a Quit claim deed and always consult with a experienced real estate lawyer.