A Quitclaim Deed is a type of deed where a grantor, a person who owns an interest in a property,transfers all or a portion of his/her interests to someone else. The grantor offers no guarantees about the title to the recipient, who is called the grantee.
A Quitclaim Deed is often used to clear up problems with a title or when someone wants to use a simple method to give up all interests in a property. Here are some examples of when a quitclaim deed is typically used:
• Mary inherited a property and shares ownership with her brothers and sisters. Mary sells her share to her brother and uses a quitclaim deed to transfer all of her rights in the property to him.
• A couple divorces. The former husband uses a quitclaim deed to transfer all of his ownership rights in a property to his former wife.
• During a title search the researcher finds out that, because of an error, a previous owner never relinquished his rights to a property. That puts a “cloud” or “defect” on the title, two terms that indicate the current owner isn't the only person with ownership rights in the property. The mistake is corrected by obtaining the previous owner's signature on a quitclaim deed that transfers all rights in the property to the current owner.
A quitclaim deed transfers only the rights of the person signing the deed. It does not guarantee that other people don't have an interest in the property. If there are other owners, their ownership is not affected by the quitclaim deed.
Give Tammy and Rene a call at 707-428-9871 today. They will be happy to answer any questions you may have regarding quitclaim deeds.