![]() In that case, the insurance company would ask that person to sign a quitclaim deed. Some families or parties opt to put their real property into a family trust, and a quitclaim deed can be used then as well.Īnother time that a quitclaim deed might be used is when a title insurance company finds a potential additional owner of a real property and wants to make certain that this person doesn’t make a future claim of ownership. In other cases, a quitclaim deed can be used when parents transfer property to their children or when siblings transfer property to each other. 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 deeds are a quick way to transfer property, most often between family members. A quitclaim deed real estate transaction sometimes occurs between family members. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. Quitclaim deed: Used when a real estate property transfers ownership without being sold. Title insurance provides the financial backup to the warranty deed, and requires a title search to verify that no other claims, encumbrances, easements, or liens on the property are outstanding. In addition, the deed serves as a statement that there are no liens against the property from a mortgage lender, the Internal Revenue Service, or any creditor, and that the property can’t be claimed by anyone else. Warranty deed: Used in most real estate sales transactions, this deed says that the grantor (previous owner) is the owner of the property and has the right to transfer the property to you (the grantee). The legal document that transfers ownership of the property can be a warranty deed or a quitclaim deed. A quitclaim deed still says the seller is the owner, but there are no guarantees that the deed cannot be challenged or the seller is guaranteed to be the actual owner.Īnd now you know what a quitclaim deed is, who it protects and how it works.Two types of deeds to transfer ownership of real property Quitclaim Deed vs Grant DeedĪ grant deed is different from a quitclaim deed because a grant deed guarantees that the seller of the home is in fact the owner and the title is free and clear of any claims or issues. ![]() If you own your home and get married, then want to add your spouse, you’ll be using a quitclaim deed. ![]() For example, if you’re already married and you are shopping for a home, you’ll likely be purchasing a warranty deed. Quitclaim Deed vs Warranty DeedĪ warranty deed is the deed when you are buying the house with the person where a quitclaim deed is when you’re adding someone to a property you already own. It is also important to know that quitclaim deeds are not the same as warranty and grant deeds. Note: Some states have additional requirements, so check with your county clerk or a local title company to help prevent any surprises. To file the documents with your local county clerks office.The required forms completed and signed in front of a public notary.And getting a quitclaim deed is not difficult, not to mention you do not need an attorney, although we do recommend using one. It’s important to also know that a quitclaim deed can be revoked at any time by the person who filed the deed. This is normally done through a title company or a real estate lawyer. ![]() Quitclaim deeds are also updated or used to fix errors on the title like a misspelling. Quitclaim deeds are often used when a couple gets married so the spouse is protected if their partner dies, when a married couple gets divorced so that the new owner is the only owner of the property, and between friends or family members who want to make sure ownership is guaranteed if something happens to the original property owner. A quitclaim deed is a legal document that either adds another owner to the title of a property, or transfers the title of a property from one owner to another if something happens to one of the people or parties.
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