Thursday, November 3, 2011

What is a Quitclaim Deed and Who Needs One?

When two parties need to transfer a title on a piece of real estate, the transaction will eventually have to be filed with some government office. That office has no way of knowing that all actions have been completed unless they are presented certain documents.

This document is commonly the Quitclaim Deed. This document essentially shows that the seller no longer has an interest in the property in question.

Sometimes, however, there is not an actual sale of real estate, yet one party must yield their claim in the property to someone else. A common situation where this might occur is divorce. If one party must transfer their claim in property to the other, a quitclaim deed may be required.

Also, often if a trust has been created to control property, a quitclaim deed may be required in the transfer of ownership to the trust.

There are actually three types of these documents which may be used:

1. The quitclaim deed itself can be used if the transfer does not need any other representations. Sales of property "as is" often need only this document.

2. If there is a need to "warrant" that the property is being transferred without any encumbrances other than those which are already a matter of record, you may require a "warrant deed".

3. Sometimes, the buyers feel that it is necessary to assure a seamless transfer of the property to a surviving partner in the event one should die. In this case, a "survivorship deed" may be necessary.

While the quitclaim deed itself can be easily created by most people by using do it yourself legal software, it can be part of a complicated process, as are most real estate transactions. While many people are attempting to sell their homes themselves these days using "for sale by owner" (FSBO) methods, that too can be a complicated and daunting experience.

While you may want to handle the sale of your home yourself, it is best to be honest with yourself as to your abilities to handle it all, even with the help of do it yourself legal kits. Once you have made an honest evaluation, you may find that the best course of action is to simply hire an attorney who is experienced in real estate transactions.

Article Source:

By The People, Fairfield CA does over 80 different legal forms to help you get what you need done effectively and efficiently. Give us a call at 707-428-9871. Let us know how we can help you. If it isn't something that we do, we certainly know places to direct to you.

No comments:

Post a Comment