What is a 1031 Exchange?Real estate investors have used 1031 Exchanges as part of their investment strategy for decades. A 1031 exchange is a swap of one real estate investment property for another
What is a Quit Claim Deed?
Dated: September 9 2022
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When transferring ownership of real estate, you need a deed to make the transaction official. A quitclaim deed is a type of deed used to transfer the title of a property in a faster, yet higher risk way, and is usually done between two people who trust one another.
In a quitclaim deed it transfers the title of a property from one person to another, with little to no buyer protection. The grantor (person giving away the property), gives their current deed to the grantee ( person receiving the property). The title is transferred to the grantee without any amendments or additions. For example; the grantor has what one would call a "bad" title but regardless of the "bad" title the grantee receives the title as-is. No changes or action will be taken to fix the "bad" title before the grantee receives it.
In a Quitclaim deed no money is involved and the grantor is simply transferring ownership of the property to the grantee. It is important to recognize that a quitclaim deed impacts only the ownership of the house and the name on the property deed or title, not the mortgage.
One of the biggest benefits to using a quitclaim deed is the fact that it's faster and avoids title search or title insurance.
When to use a Quitclaim Deed
- Marriage: A quitclaim deed allows you to easily add your spouse to your title
- Divorce: Transfer of title to you or your ex-spouse
- Wills: If someone passes and they're will states the title should go to a specific person (i.e. relative or friend )
- Gifts: If someone gives their property to another person as a gift and want an easy and less costly way to transfer the title
- Fixing errors in titles: If there is an error in the title of your house and you need it fixed
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When transferring ownership of real estate, you need a deed to make the transaction official. A quitclaim deed is a type of deed used to transfer the title of a property in a faster, yet higher risk
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Updated on October 1, 2022 1:21 PM UTC
