Transfer ownership of real property from one party to another using a Quitclaim Deed.
WHAT IS A QUITCLAIM DEED?
Legal tool used to quickly and easily transfer real property interest to another person.
A Quitclaim Deed is a tool you can use to legally transfer your entitlement in any real property to a new person. It’s often used to transfer ownership of a land or house, usually used from one family member to another. You may decide to use a Quitclaim Deed when you want to gift property to someone who already has an interest in it (for example a parent may gift a house to a child).
A Quitclaim Deed is almost always used when property ownership transfers do not involve a transfer of money. The Grantor (the person giving up interest) simply gives up his or her interest in the property to the Grantee (the new title holder). This is done without any promise or warranty in regards to the quality of the title.
Create your Quitclaim Deed to easily and effectively transfer property titles to a new name, clear up title defects, or gift property to your family.
When a Quitclaim Deed Works
While they’re not the perfect solution in every case, there are several times when a Quitclaim Deed might be a great way for you to seamlessly and cost effectively transfer asset ownership on a property. Consider using a Quitclaim Deed if you need to transfer property to:
There are times when you may want to give up your own interest in property so that either a current or ex-spouse’s name is on the title without yours.
It's not uncommon to want to give your property to a family member (think: child or parent).
The most important part of creating a Trust is funding it. Putting property inside the Trust can offer numerous forms of protection, but the Trust must legally own it for any benefits to be realized.
Make a Name Change
If a name is incorrectly spelled, or if your name changes, you can use a Quitclaim Deed to correctly update the spelling.
Make Property Business-Owned
There are a number of reasons it might make sense to make a property owned by a business. Since the business isn’t technically buying the property, a Quitclaim Deed is an easy way to do this.
Resolve a Cloud on the Title
If a property has a cloud on the title, the title company may ask you to remove it. This can be done by a Quitclaim Deed, and is very common when selling a property that has a lien on it or that’s under foreclosure - both of which can make it very difficult to sell to wary buyers.
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