Removing a spouse's name from a property title after divorce.Transferring property interest to a business partner.
Adding a spouse's name to a property title.Other common uses of Quitclaim Deeds include the following: A Quitclaim Deed can also be used to relinquish co-owned property in situations such as divorce. It is often used to transfer property between family members or other parties who know each other. You can reach us by phone at (770) 933-9009 or with our online contact form.A Quitclaim Deed is a legal document used to transfer property from one person, the Grantor, to another person, the Grantee. Our team of experienced real estate lawyers are happy to answer any questions you may have. If you have questions about quitclaim deeds or a problem has developed after using a quitclaim deed in a real estate transaction, please reach out to Brian M. If an issue arises, the buyer or the person who acquired the property may have little recourse against the seller. While quitclaim deeds are one of the fastest ways to transfer property and are very common in non-sale transactions, these documents do not carry the same legal assurances as warranty deeds. Douglas & Associates’ Real Estate Lawyers Also, a quitclaim deed differs from warranty deeds in that title insurance is not issued along with a quitclaim deed. It merely states that if the seller/grantor does have any interest, the seller/grantor releases those interests to the buyer/grantee. A quitclaim deed doesn’t make any assurance that the seller/grantor even has a legal ownership interest. It only operates to convey the seller/grantor’s interest to the buyer/grantee. Unlike general or special warranty deed, a quitclaim deed does not include any protections for the buyer/grantee.
A special warranty deed addresses any issues or defects that arise during the seller’s ownership period. A general warranty deed contains covenants that the new owner can legally purchase, possess, and enjoy the property. General and specialty warranty deeds warrant the good state of the title and protect the new owner they can also compensate the new owner for any losses due to a third-party challenge over the title. What is the Difference Between a Quitclaim Deed and Warranty Deeds? That person can quitclaim their interest in the property prior to issuing any title insurance. You can also use a quitclaim deed to clear up title to property, if someone else may have an unaccounted-for interest in the property.
#Quit claim deed update
Other examples of when a quitclaim deed would be used include: adding/removing a spouse from the property title, transferring ownership to a corporation, or when the owner legally changes their name and needs to update the deed. You can also use a quitclaim deed to transfer the property into a living trust. Quitclaim deeds are common when property is transferred between parties such as family members or spouses. They’re typically not used in real estate sales because the grantee doesn’t receive any guarantees about the ownership, title, or insurance. Quitclaim deeds are often used in non-traditional sales. The paperwork must be properly notarized. In addition to these contents, the grantor, grantee, and two witnesses must sign the document. A legal and physical description of the property including the county and sale value.The grantee’s (the person or party receiving the property) name and address.The grantor’s (the person or party transferring the property) name and address.It’s one of the fastest ways to transfer property.įor a quitclaim deed to be valid in Georgia, the document must be in writing. Quitclaim deeds, sometimes called “quick claim deeds,” are usually used in non-sale transactions, like when family members or spouses are transferring property between each other. A quitclaim deed does not guarantee that the person relinquishing the property had valid, legal ownership – there are no associated warranties. The paperwork releases a person’s interest in the property without indicating their interest or rights. A quitclaim deed is a legal document that’s used to transfer real estate ownership from one person or party to another.
0 kommentar(er)
