A quitclaim deed is a legal document thatremoves one person interest or claim on a piece of real estate,thereby granting a quick transfer of interest between two parties,known as the grantor and the grantee.
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When to use a quitclaim deed on a house?
Quitclaim deed: Used when a real estate property transfers ownership without being sold. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. A quitclaim deed real estate transaction sometimes occurs between family members.
Who is the grantee on a quitclaim deed?
A quitclaim deed is a legal document that transfers any interest that a grantor has in the title of real estate to a grantee. In layman terms, the grantor is the one who is transferring the property. The grantee is the new recipient. A quitclaim deed does not guarantee that one has an interest in the property.
What is a warranty deed or quitclaim deed?
If you are selling your home now, you may not remember that you signed and received a deed when you purchased your property, such as a warranty deed or quitclaim deed. The deed provides proof of ownership and transfers the title to you regardless of who owned the property before you. Two types of deeds to transfer ownership.
What is a’quitclaim deed’?
What is ‘Quitclaim Deed’. A quitclaim deed usually includes a legal description of the property, the name of the person who is transferring his/her interest, the name of the person who is receiving that interest (the grantee), the date and both parties?notarized signatures.