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Does a Quitclaim deed give you ownership of the property?

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2011-04-17 21:09:27
2011-04-17 21:09:27
Not necessarily, a quit claim deed just assigns all interest from one party to another. I can give you a quit claim deed to the Brooklyn Bridge, assigning you all of my interest in that property. The deed would be legal in that I am assigning all of my interest in the bridge, but you wouldn't have any more interest in the bridge AFTER receiving the deed than you did before, since I do not have any interest in the bridge.

If there are other encumbrances against the property, a quit claim deed does not remove those encumbrances and in fact may result in the acceleration of a mortgage repayment, if a current mortgage exists against the property.

A Quitclaim deed is often used when people want to change the wording on a deed or to enable the other party to sell the house without needing the signature of anyone else on the deed. I have seen them used to "clean up" the names on a title for the sale of a home or for refinancing. As stated above, the effects of a quitclaim do not eliminate the lien the bank has on the house if the house is not paid for. It does not remove or change the names on the mortgage and those people's responsibility to pay. Clarification:If the grantor on the quitclaim deed owns all the interest in the property in fee then YES you would acquire ownership of the property. If there were any liens and encumbrances you would acquire the land subject to them. In some parts of the country quitclaim deeds are often used to convey real property.
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A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.A quitclaim deed is only effective if it was executed by the owner of the property. If the original owner executed a quitclaim deed then they do not own the land.If the quitclaim deed you refer to was not executed by the owner of the property then it is of no effect.

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The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.The grantee in the deed is the owner of the property. A person who does not own the property can agree to sign the mortgage and be responsible for paying for the property. That does not give them an ownership interest.

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Yes the owner of the property may give the lien holder a quitclaim deed if they are unable to pay the note and wish to forfeit the property. This is often done to avoid forclosure.

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A quitclaim deed is a legal document that is used to transfer real property, such as homes, land, and roads, from one entity to another. The entity who is signing over the property to another is referred to as the grantor; the grantee is the entity that receives the property. Since quitclaim deeds do not make any guarantees to the grantees, they are very rarely used to transfer property that has been sold. Quitclaim deeds are most often used to transfer property between people who are familiar with each other, and they can also be used to transfer private property to a business. The quitclaim deed form is the document that must be filled out to create a quitclaim deed.What a Quitclaim Deed Form ContainsBefore property can be transferred from one owner to another, a written document must be created. Many quitclaim forms are created by lawyers, but some grantors create their own forms. A quitclaim deed should contain the names of the grantor and grantee, the date the document was created, a legal description of the property, and a habendum. The habendum describes the rights the grantee will receive. There may also be a consideration added to the quitclaim deed. When added to a quitclaim deed, a consideration describes what the grantee will give to the grantor in exchange for the property. In most states, a quitclaim deed form only has to be signed by the grantor and notarized; the grantee is not required to sign the document.After the Quitclaim Deed Form has Been SignedOnce the signed form has been transferred to the grantee, the deed to the property is considered transferred. The deed should be recorded in the county where the property is located.An issue that can arise from a quit claim deed is that the grantor may not have claim to the property that is being transferred. Quitclaim deeds make no assertions that the property being transferred is without debt or not owned by another party; they just transfer the title from the grantor to the grantee. If the grantor did not own the property that was transferred to the grantee, the grantee does not receive the property. In many states, the grantee will not be able to take legal action against the grantor.

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Yes, you are giving up any claim. In Louisiana, you MUST state a mineral reservation or it does not exist.It is possible to reserve the mineral rights when using a quitclaim deed to convey property, but you must expressively reserve the mineral rights in the conveying deed.louisiana.ning.com


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