Alex What does commonly known as mean on a quit claim deed?
A quitclaim deed is a legal instrument that is used to transfer interest in real property. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
What are legal rights does the grantee of a Quit Claim Deed?
It is up to the grantee to determine what the grantor’s rights to the property were. The grantee has no rights beyond the interests of the grantor and therefore assumes a significant risk when accepting a quitclaim deed. The first risk is that the grantor does not actually have an interest in the property at all.
What are the disadvantages of a quitclaim deed?
Without warranties, the quitclaim deed offers the grantee little or no legal recourse against the seller if a problem with the title arises in the future. This lack of protection makes a quitclaim unsuitable when purchasing real property from an unknown party in a traditional sale.
What’s the difference between a non warranty and quitclaim deed?
Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only “remises, releases, and quitclaims” his or her interest in the property to the grantee.
Can a quitclaim deed be used to pay off a mortgage?
After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property. In some instances, however, quitclaim deeds are used when the grantor has a mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed.
How do I correct a Quit Claim Deed?
The best way to “correct” a quit claim deed is to make a new one with all the updated information, if the quit claim deed has already been recorded. If it has not, destroy the original and any existing copies and make a new one.
Are there problems with Quit Claim Deed?
- No Guarantees. The overwhelming problem with quitclaim deeds is the lack of guarantees for creating or delivering good title.
- they have limited uses in real estate transfers or with mortgage lenders.
- Remove Borrowers From Mortgage Loans.
How do I get a Quit Claim Deed?
Quit claim deeds are generally used in situations where the transfer is a gift, or when a couple divorces and one person takes sole ownership of jointly owned real estate. Obtain the proper form. You can obtain a blank deed form at a legal form website or from your local legal document print shop.
When do you need to get a quitclaim deed?
A quit claim deed is usually filed when someone is giving up their interest in a property. It is commonly used in divorce, when one spouse gives up his right, title and interest to the property to the other spouse. Procure your state’s quitclaim deed form.