The definition of Quitclaim Deed can sometimes be confusing for some people to understand. Basically, Quitclaim Deed is a method used to transfer the interest that you have in a property such as your home or land, to another person. The deed is simply the transfer of interest and does not guarantee the ownership rights of the property. This may depend on weather you possess a life estate, which allows having the right to stay with the property until your death. There are many different procedures and laws vary from state to state when filling out a quitclaim deed. A real estate lawyer will be able to make sure that the deed is filed out properly, executed and filed according to all applicable state laws.
Having an understanding the definition of Quitclaim Deed may help you in the following situations:
- If you are purchasing property and the interest is exchanged between a seller and the buyer
- A person with an estate or living trust transfers ownership of the property through a trust
- Ownership of the property may be exchanged in the event of a divorce
The quit claim deed is quite useful when dealing with divorce settlements. The person involved in the divorce keeping the home, may ask for a quit claim deed. This will allow for sole interest in the home. This process is also typically used as a way to hand over the interest of the home in foreclosure situations.
The quitclaim deed is an important legal document. Dealing with deeds may require different situations on how they should be handled. An experienced and knowledgeable real estate lawyer can help review the deed to ensure it is properly completed and accurate. It is important to understand what you are getting yourself into, prior to signing any type of legal document.
- Home Title Insurance
- Flipping Real Estate
- Mortgage Fraud
- Home Inspections
- Short Sales
Develop a further understanding of the definition of Quitclaim Deed and how it would apply to you. Contact a Real Estate Lawyer now for a consultation of the procedures necessary under the definition of Quitclaim Deed.