When selling the property, there are several things that you need to know about and must be familiar with. Quitclaim deed is a term that you would often hear. When you bought the property, you get a sales deed after signing various forms. While there could be various kinds of deeds, a quitclaim deed is used for certain transactions. For instance, if you transfer properties to the other spouse or the other family members, these types of deed shorten the closing process and may not involve money. What is a quitclaim deed and what should you know so that you are prepared to move out of the property.
Understanding the Quitclaim Deed
It is the simplest methods of transferring the property to the new owner. The property owner who is also called as grantor can offer the deed and transfer the his interest in the real estate property to the recipient or the grantee. Usually, no money is involved in this transaction, and there is no need for the title insurance, and no title research is conducted to verify the property owner. The quitclaim deed offers the property on ‘as-is’ basis. It also means that there are no warranties like claims which say the title is free and clear from any restrictions.
Uses of Quitclaim Deed
A quitclaim deed is useful for different purposes. It helps transfer the property amongst the family members or remove the name from the property title and clear any defect.
- Transferring the property amongst the family members. It is f the most popular ways to transfer the property to the family members as there is no involvement of money, and both parties trust each other. For instance, the elder parents want to transfer their property to you or a property division in the family. Even if you want to place the real estate property in the family trust, the quitclaim deed can be used in the scenario when it is transferred to the future owner. So, if you have to transfer the property between the family member, when the owner gets married and wants to add the name of a spouse to the title or when there is a divorce, and the name of the spouse is removed from the title, you need to get a quitclaim deed form Georgia.
- If you want to remove the name of ex-spouse form the property title, a quitclaim deed would be helpful. A title insurance company would want to ensure that the potential owner doesn’t try to claim the ownership in the future. However, both spouses will continue to have a name on the mortgage even if you file the quitclaim deed.
- Clearing the defect on title can be achieved using a Quitclaim deed. If you have found a cloud on the title, it also means that there is a unreleases lien, claim, or document that would make the property title seem valid. A cloud on title includes a foreclosed property where the owner who defaulted on the mortgage might have claims to their home or probate issues.
Limitations of Quitclaim Deed
While a quitclaim deed is a quick way to transfer the property, it is not always the best option. This type of deed offers no guarantee that there are liens or interests which may affect the property.
Ready to Create the Deed?
Quitclaim deed form Georgia template is readily available at leading legal forms site. Sign, and you could get a free subscription using which creating a quitclaim deed can be created in a few steps.