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.
How does a quitclaim deed work?
A quitclaim deed works as a legal document for transferring property. If someone has several real estate properties and if he wants to transfer or gift his share of property to his siblings or spouse or child then he can use a quitclaim deed. As it is already said that a quitclaim deed does not assures that the title of the property is clear from any kind of liens, so quitclaim deed is not used in the time of selling or buying a property.
The person who is quitting his claim from the property is called Grantor and the person who is getting the property is called Grantee. Generally the grantor needs to sign on the quitclaim deed but the Grantee does not need to sign on the quitclaim deed but to make the quitclaim deed valid the grantee needs to notarized and then record the deed in the Recorder’s office of his state within a certain period of time. The time period of recording a deed varies from one state to another.
What if you have a Mortgage against the property?
Now the question is What if you have a Mortgage against the property? Can you still then transfer the property to another person or entity by using a quit claim deed? If I transfer the property will I still be liable to pay the mortgage? Now if you have a mortgage against the property that you want to transfer then you should inform the lender before transferring the property and take his consent. Now you can transfer the property using the quitclaim deed but you will still be liable for the mortgage payments. So it is better if the Grantee can refinance the mortgage on his or her name when the property is transferred to his or her name.
What is a quit claim deed?
A quit claim deed is a legal instrument which that is used to transfer property. What is a quit claim deed is a very common question. A deed is a legal document that is used to transfer a real estate property from one person to another or from one entity to another. A quit claim deed is a kind of deed that is used to transfer a real estate property among friends, spouse or family person.
A quit claim deed does not assures that the title of the real estate property is free from all kind liens. That is why a quitclaim deeds is not generally used to sell a property. A quitclaim deeds simply says that if I have any interest in the property then I am transferring the property to you.
How can you make a quitclaim deed valid?
To make a quitclaim deed valid, you will have to notarized and then record in the County Recorder’s office in your state. You can fill the quit claim deed on your own but it is always advisable that you should take help from a notary official so that you will not have to face any problem in future regarding this.