What is a quit deed?

Answer 1

A quitclaim deed transfers whatever interest the maker of the deed may have in the particular parcel of land. By accepting such a deed the buyer assumes all the risks. A quitclaim deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.

A quitclaim deed can indicate the grantor's interest in a property is questionable or can be given to clear a title defect. However, it is also the form commonly used in many jurisdictions to transfer real property to an new owner. A comprehensive title examination performed by ba professional mitigates any risk by disclosing any outstanding encumbrances or title defects.

Answer 2

A quitclaim deed is the instrument by which a person transfers their interest in land to another person. A quitclaim deed carries no guaranty that the grantor owns an interest in the land it only conveys any interest the grantor may own at the time the deed is executed.

Answer 3

A quit claim deed is the written document used to transfer the grantors interest in real property. It simply transfers any interest the grantor may own but does not guarantee what interest is owned by said grantor or that any interest is owned by the grantor. The grantee is obligated to perform a title examination to determine what the grantor owns at the time of the quitclaim.

Answer 4

A quit claim deed is a legal document that is used in the real estate industry. It allows a person to relinquish a claim of ownership to a property named in the deed. Even if the person still lists the property in his or her will, the quit claim deed will still stand. The wording given in the document makes it clear that the person is giving up all ownership claims now and forever for themselves and their dependents.Divorce CasesThere are different reasons to use this document, the most common being in divorce cases. When one spouse wants a co-owned property and the other does not, the spouse giving the property up signs the document, which is then filed with the divorce decree. The spouse keeping the property can check with his or her mortgage company to file a notarized copy of the document with the account. It is important to note that signing this document may not relinquish a cosigner's financial obligations under the mortgage contract. Both parties should check with legal counsel and mortgage companies for more information and procedures. Family Members And BusinessesFamily members selling or giving property to one another use the document to allow the receiver to have a clear property title. Businesses such as LLC's, or limited liability corporations, are increasingly using them to buy or sell property. Businesses also use them to clear something known as a "cloud" on a property's title. A cloud is a lien or person that may not have legally relinquished a claim to the property's ownership. The purchasing or selling business will ask the person or lien holder to sign a quit claim deed to remove the cloud.Property Involved In TrustsProperty that is involved in or held by a trust is often transferred from holder to holder with quit claim deeds. This is done by both businesses and family trusts. For example, a house that is owned by several generations of family will be transferred from owner to owner by a quit claim deed, with the trust being the primary property owner/manager, meaning it will stay in the family's ownership regardless of who holds the current title.

Answer 5

A quit claim deed has to do with property. It is a term used to describe when one gives up all rights to a property that they own.