Quitclaim Deed
Friday, January 22, 2010
Often misspelled as quick claim deed or quit claim deed, Quitclaim Deed refers to transfer or quitting any interest in real property as a grantor and passes that claim to grantee.
A Quitclaim Deed neither warrants nor professes that the grantor's claim is valid. The grantor may not have any right at all, so that the grantee can assume that the grantor has any real interest to claim. However, in a way, if the grantor is related to the grantee, the owner of the property, the grantor can sign a quickclaim deed, stating his/her disinterest in the property. Like in the case of married couple, the grantor can sign and record a quitclaim deed in favor of the spouse, to transfer any interest the grantor is having in the property to the spouse.
Majorly this situation arises during a divorce situation, where one party is granting the other full rights of the property and eliminating any kind of interest. This is done to make sure that the spouse who wasn't on the deed, does come back later and lay claim to the property.
Other Types Of Deeds:
1) Tax Deed --> When property taxes are unpaid , the property is sold to recover tax amount. In this case auctioning body, which is usually a local
government, claims no interest in the property.
2) Gift Deed --> Gift deeds are generally used to transfer title among relatives. In this property is transferred without payment of money.
3) Deed-in-lieu of Foreclosure --> Sellers who are behind in payments to the lender will sometimes negotiate with a lender to accept a Deed-in-Lieu of Foreclosure, which means the seller has transferred the property to the lender to avoid foreclosure. But the deed may still show up on a seller's credit report.
