Getting To The Point –
Whenever you are selling or transferring property there are various terms that you will come across, “quitclaim deed” could be one of them. You may have come across different kinds of deeds, we will look at the quitclaim deed carefully to help you determine how it can be of importance to you.
An excellent definition to quitclaim deed is simply a method that you can use in transferring property. In this case, the property owner or the grantor may choose to transfer the interest of the property to the recipient or the grantee. Generally as we have said there is no money that will be involved in the process, no insurance and no title search will need to be conducted in an aim to determine the owner. You may be wondering exactly the scenarios where a quitclaim deed will be used, we have discussed the purpose here.
Whenever you are distributing property the use of a quitclaim deed is the best way that you can be able to handle this; it works best among family members. This is, in fact, one of the most popular ways that many people will use the quitclaim deed for, it is among parties that trust one another. For instance in a situation when your elder parents want to transfer the property to you or when a sibling decides to split up the portion they inherited and assign it to someone else in the family.
In the event of a divorce, the ex-spouse may choose to use a quitclaim deed to assign the property to someone else in the family like a son or daughter. This is one way that you can prevent the other party not to claim ownership in the future as there can be issues later on. It is, however, important that you note that documentation on the mortgage will continue to be your name and that of your spouse even after you have filed a quitclaim deed.
Whenever you are clearing a title defect, a quitclaim deed will be considered. This means that you may have realized that there is unreleased lien, document or even claim that will result to making the property title invalid, it would be suitable that you initiate a quitclaim deed. If you have not actually got what clouds are, it could be as a result of a foreclosed property or whenever there are probate disputes.
You have now determined if the action that you needed to undertake is suitable for you, you need to ensure that you know how you should get started, click here. Make sure that you speak to a quitclaim deed expert so that you can find help into the best action and how you need to carry out the process carefully.