A quitclaim deed is a legal transfer of real estate ownership, usually between family members, explains Nolo. A quitclaim deed records the names of the parties, the owner or the grantor and the receiver or grantee, gives a legal description of the property being deeded and is signed by the current owner of the property. A quitclaim deed removes any interest in the property that an owner may have.Know More
A quitclaim deed must be notarized or signed in front of a notary who stamps it, according to Nolo. Some states also require witnesses or the grantee to sign. In all states, the deed is recorded in the land office in the county where the property is located.
Divorcing couples frequently use quitclaim deeds when one of them retains the family home. The quitclaim deed, however, does not remove legal responsibility for a mortgage on the property, according to Nolo. Lawyers.com explains that a parent can use a quitclaim deed to transfer property to a child to keep the property out of probate court, for example. There can be serious tax or other financial consequences for the grantor who signs a quitclaim if the property is sold before he dies. Quitclaim deeds are also extremely difficult to reverse, notes Lawyers.com. If the grantor ever wants ownership back and the grantee does not agree, then the grantor must prove lies, coercion or threats were used to get him to sign.Learn more about Law
A quitclaim deed is a document that transfers property without a sale, according to Investopedia. It allows the grantor to release all interest in the property to the grantee.Full Answer >
While laws vary by state, in most instances removing a name from a deed to a house requires recording a new deed. According to Realtor.com, a quitclaim deed removes a name from the property when no money changes hands. Such deeds require no title insurance or title search but are useful when property titles change without the property selling.Full Answer >
An executor's deed is the deed used by an executor to transfer property to an heir out of the estate of a dead person who had written a will. The presence of the executor helps to prevent problems when future heirs inherit the property.Full Answer >
A quitclaim deed is a deed used to transfer property ownership when no sale is involved, according to Realtor.com, meaning that there is no money exchanged and no title insurance issued in the transaction. A quitclaim deed only affects property ownership, not the financial responsibility of a mortgage.Full Answer >