Mortgage Loans – Mortgage Loan

Quit Claim Deed

Quit Claim Deed is the most used legal document in the United States. The Quit Claim Deed is mostly used to transfer property among family members and friends; and actually quitclaim deed is most favorable at the time of divorce. The husband or the wife can simply sign a quit claim deed to transfer his or her share of the property to the other partner to avoid the legal difficulties.

The person who is transferring the property is known as the Grantor and the person who is getting the property is known as the Grantee. The grantor needs to sign the quit claim deed as he is quitting his share of interest from the property. Tough the laws vary from one state to another but generally the grantee does not need to sign the quitclaim deed.

A quitclaim deed does not assure you that the deed is free from any kind liens. Signing a quitclaim deed means that the grantor simply says that if he has interest in the property, then he is giving it to the grantee. So when you are selling or buying a property then it is better not to use a quitclaim deed. Rather use a Warranty deed as this assures you that the Grantor owns the property and the title of the property is free from all kind of liens.

How to make a quitclaim deed valid?

Making a quick claim deed valid is very important and very easy too. Take help from an attorney. He will help you to draft the deed and notarized the deed. Then the deed needs to be recorded in the Recorders office in your state. The time limit of recording the deed varies from one state to another but it is better to record the deed as soon as possible.

If you have any mortgage or any other kind of loans against the property then you need to take permission from your lender before signing a quitclaim deed. It is better if the grantee can take the loan on his or her name by refinancing.