I am very frequently asked what direction the real estate market and interest rates are headed. I always start out by saying, "I cannot predict the future"...and that's 100% true. If I could I'
What is a Quit Claim Deed?
Dated: September 9 2022
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