What Is A Quitclaim Deed?
A Quitclaim Deed is the best way to transfer property rights from one person to another. The deed form may have variations but the way the it works is quite standard. In a situation where a person is not selling the property, he/she can still grant ownership interest to another person. This is an easy way to add your husband or wife to the property title and remove them after divorce, or to clear up the owner of an inheritance property.
The quitclaim deed may also include consideration for people's property interest if they are to be removed from the title. This is listed in the deed and shall also help authorities determine due transfer taxes.
Quitclaim Deed For Divorce
To remove an ex spouse from the property title, a copy of the divorce decree or a settlement agreement should be presented to remove them from the loan. In case you have just been separated during home buying, your spouse still needs to be part of the paperworks and sign all necessary documents. You just have to process a quitclaim deed once you finalize your divorce.
Quitclaim Deed Limitations
It is important to know that using a quitclaim deed does not necessarily mean that a person is transferring ownership rights to another person. So if someone is giving you a property through this deed, make sure that you understand what exactly your property rights are. Take note that using this deed in a traditional selling transaction is a risky step, and there are more appropriate legal transactions when it comes to actual selling of properties. So since it is quite risky to use a quitclaim deed in a conventional sale, make sure that a real estate professional or a lawyer is guiding you during the process.
