Quit Claim Deed

Quickly transferring property to a buyer is feasible with a quitclaim deed. But you should know that the quitclaim does not offer buyer rights, unlike general or special warranty deeds.

An Overview of Quitclaim Deed History

However, a quick look into the past may surely serve as a reminder of the great value and effectiveness of a quitclaim across various historical times. The quitclaim was an excellent instrument for people to use to take the title in situations when land claims needed to be made as fast and effectively as possible. The California Gold Rush is probably the biggest illustration of a historical era where the quitclaim played an important role in determining the economic and social structure of the time.

Use of Quitclaim Deeds in Modern Times

Of course, the quitclaim is significant beyond the history studies offered in primary schools. The quitclaim can now be utilized to fix apparent title issues without going through the trouble and expense of going to trial.

A general or special warranty deed can be utilized to further define the more complex contract problems related to property ownership and purchasing once the title has been proven through quitclaim.

What is the process of a quitclaim deed?

Use a quitclaim deed if you wish to fast transfer ownership of a piece of property between two reliable parties.

Filling out a quitclaim deed form is the first step. This typically comprises the names of the grantor and grantee, a description of the asset, the date you want the asset transferred, and other fundamental information relevant to your transaction. The paperwork must be certified and signed by both parties to be valid. A local county clerk’s office is where the paperwork is then filed.

Quitclaim deeds have no direct impact on a mortgage, and it is vital to remember that. Even after transferring ownership of the property to another person, the surety is still liable for the mortgage unless they have settled it or it has been legally transferred to the grantee. Quitclaim deeds might change based on the local regulations in your area.