17 February 2021. Florida, US
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The deed is a legal instrument which recognizes the transfer of interests for real property from one to the other. The one who is transferring the interest is called grantor, and the one who gets is called the grantee. The legal instrument is also termed as non-warranty deed or quitclaim. Some people also refer to this document as a quick claim deed. Reason being, how the fast the document helps to the transfer the interest in property that is also the misspelt version of the deed.
While the quitclaim transfers whatever interest, the grantor has to the grantee, but it offers no warranty of title. It also means that the grantee does not get any warranty of ownership of the property. If there is an issue, then grantee gets nothing. Hence if you are getting a quitclaim deed, make sure that the grantor has real rights or interests in the property.
So, is the deed different from a warranty deed?
A quitclaim is like other title deed or the warranty deed, but the main difference lies in the warranty offered. Simply put, even while the grantor signs the deed, he doesn’t make any guarantee about clear title to the property whose interests are transferred. In a clear title, there are no issues. Some issues that are usually there are recording errors, and liens, conveyance issues, property boundary issues or unprobed wills.
Such issues, if they arise, are resolved with legal action only. The worst thing is that they affect the value of the property downwards. A warranty of title covers the risk as there is a guarantee from the grantor noting that the title has no issues. However, such a warranty is missing from the quitclaim.
Why is quitclaim used?
The deed is best used when the parties trust each other. For instance, it is used to remove or add the individual to the property deed—the transfer of property between the family members that become deceased. When parents want to transfer property to the kids, they can use a quitclaim deed. Quitclaim deed is also used when transferring property into the living trust. Suppose you want to gift property to a loved one when the recipient doesn’t consider ownership of interests in the property. The transfer of real-estate from you to your business partner can be done using the quitclaim deed. It can also be used to remove the ex-spouse from property deed after a divorce.
How to create a quitclaim deed?
Specific requirements should be met by the parties to the deed. For this, you should consider downloading the template of the deed. On the site, there is a template available for the state. Please fill the form correctly so that it is valid and legal. The free deed also guides on the requirements that have to be met. These include that the document is prepared in the correct language, it must be in written form, and the grantor has to sign the deed in the presence of at least two witnesses.
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