When you transfer ownership of real estate, you will need a deed to make it official. By using a quitclaim deed, the process is much faster and simpler. Quitclaim deeds do have higher risks, however, so the parties that use them must understand the risks involved. The main risk when using a quitclaim deed is lack of buyer protection. Because these deeds offer fast transfer of property, the transfer occurs without any amendments or additions. This means if the grantor had a “bad” title, the grantee would receive the title – warts and all.
How Does a Quitclaim Deed Work?
According to mortgage lenders like Chase, there are many useful situations which can be served by a quitclaim deed. These include transfers due to marriage or inheritance, gifts, fixing errors in titles, or transfers following a divorce. These instances are not the only situations that use a quitclaim deed. There are other scenarios that use the deed, but these tend to be the most common. Once you decide that a quitclaim deed is right for you, its time to start the process. To begin, you will first fill out a form for the quitclaim deed. The form includes the name of the grantor, the grantee, property description, and when you want the transfer to happen. Once completed, both parties must sign the form in the presence of a notary. When the form is notarized and official, it will be submitted into a local county clerk’s office.
Important Facts About Quitclaim Deeds
According to Investopedia, the first thing to remember is that you’re buying the least amount of protection of any deed. As stated earlier, quitclaim deeds offer limited buyer protection. So, use of the deed should only be between two trustworthy parties like family members or long-time friends. Because there’s a significant amount of trust placed into the grantor, quitclaim deeds are not ideal for transactions between strangers. Ensure you perform your due diligence on the existing deed in case there are existing liens or other inconvenient features attached to the property.
If your deed includes an error in spelling or name, for example, a quitclaim deed is a fast, affordable way to make edits to the deed.
Make Your Quitclaim Deed a Breeze with ProSe Legal
Transferring property can be complicated and lengthy. Luckily, our experienced LDAs have plenty of experience with quitclaim deeds, probate, transfer processes, and more! If you do not want to deal with complicated legal paperwork, let our LDAs navigate it for you!
today or call (909) 224-4361 to schedule your next appointment with our professional LDAs at any of our locations across the Inland Empire!
