In other cases, a quitclaim deed can be used when parents transfer property to their children or when siblings transfer property to each other. Examples include when an owner gets married and wants to add a spouse’s name to the title or deed, or when the owners divorce and one spouse’s name is removed from the title or deed. Quitclaim deeds are a quick way to transfer property, most often between family members. A quitclaim deed real estate transaction sometimes occurs between family members.
No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. Quitclaim deed: Used when a real estate property transfers ownership without being sold. Title insurance provides the financial backup to the warranty deed, and requires a title search to verify that no other claims, encumbrances, easements, or liens on the property are outstanding. In addition, the deed serves as a statement that there are no liens against the property from a mortgage lender, the Internal Revenue Service, or any creditor, and that the property can’t be claimed by anyone else.
Warranty deed: Used in most real estate sales transactions, this deed says that the grantor (previous owner) is the owner of the property and has the right to transfer the property to you (the grantee). The legal document that transfers ownership of the property can be a warranty deed or a quitclaim deed. Two types of deeds to transfer ownership of real property
0 kommentar(er)
