How Does a Quit Claim Deed Work?

Law And Order Episode Guide - How Does a Quit Claim Deed Work?

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People who own several real estate properties may, at some point in their lives, turn over a house to another someone such as a sibling, give it as a gift to a child or grandchild or sell it. During these instances, the owner is required by law to execute a quit claim deed to make sure that he or she will no longer claim interest on the property.

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Law And Order Episode Guide

A quit claim deed is a legal document that clears title to the property. It is used in the exchange of an interest on a property to another person. By its name alone, it means the owner quits any claim on a house or land. The someone who is quitting claim is known as the grantor while the one who accepts the property is called the grantee. The grantee assumes all risks especially if no guarantees or warranties are made on the title.

The deed, however, only transfers interest and does not warrant if the grantor easily has possession possession on the property concerned. It also does not ensure that the property is without debt.

In order for it to be enforceable, the deed has to be signed by the grantor after which a notary group should sign and stamp it. In some states, though, the grantee and other witnesses are required to affix their signature as well. Apart from a notary public, officials from states other than where the property is placed can also notarize the deed.

There are separate situations in which a quit claim deed can be of great help. For married couples, a spouse who was able to buy a property before marriage can add or take off the name of his husband or wife to or from the property title. In a disunion situation, a join can exchange possession of their conjugal property to one spouse.

During the sale of a house, a quit claim deed executed at closing transfers the property interest from the seller to the buyer. In other words, the seller totally disposes of the property possession and guarantees that he or she will no longer go after it whatever happens.

Another situation where the deed can be used is if a unavoidable homeowner plans for an estate or a living trust. In this case, the deed transfers the possession of his house into a trust fund.

If a life estate is involved, the grantor can still keep his right to possess the property even after signing a quit claim deed. A life estate regularly gives the owner the absolute right to stay at the property until death. It is only after the owner's death that the grantee is able to get the right to possess the property.

It is leading to understand that once the deed is signed, it will be hard to reverse or undo the deed. Only if the grantee agrees to quit claim the property back can the previous owner possess the property again. Otherwise, the grantor will have to show proof that the exchange was invalid.

A quit claim deed is a valid choice for giving up property interest. But since exchange of title or possession possession is not guaranteed by this document, it is best accompanied by a warranty deed.

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