A quitclaim deed is an important legal document used to convey (transfer) title or interest of real property (land, building,etc) from one person to another. The document conveys interest without any warranty or assurance of quality. It is a simple document that is often used during a divorce to transfer property rights or to change ownership of real estate.
What Is the Language of a Quitclaim Deed?
Quotes from a quitclaim deed typically start with a clause that mentions the grantor’s intention to convey the interest in the real estate. This is followed by a statement that identifies the grantor, identifies the grantee, and identifies the subject property. The property is then described in detail and a warranty is made that states the grantor is the owner of the property and has the right to convey the title. The deed also contains certain information about legal matters that generally involve releasing all claims or liens from the title.
When Should You Use a Quitclaim Deed?
Quitclaim deeds are commonly used when two people are transferring ownership of a property, when transferring a property during a divorce, or when correcting errors or mistakes in a deed. For example, a grantor might use a quitclaim deed to transfer ownership of their property to their spouse or from one family member to another. They might also use a quitclaim deed to change the name on the title of a property, such as when a couple gets married and wants to change the deed from one person’s name to both of their names.
What Are the Benefits and Drawbacks of a Quitclaim Deed?
The primary benefit of a quitclaim deed is that it provides a simple and fast way to transfer ownership of a property or interest in it. It is also relatively inexpensive and straightforward to complete. However, a quitclaim deed does not provide assurance or protection of quality; instead, it only conveys the interest that the titleholder has in the property. Additionally, quitclaim deeds are not typically used to clear title, so it’s important to ensure that there are no outstanding liens or other encumbrances on the title before completing the transaction.