Wed June 27, 2012, 8:57pm
What is a Quit Claim Deed Form and what is it used for?What is a Quit Claim Deed?
There are several kinds of legal documentations that are involved in a property ownership. One among them is the quit claim deed. This kind of documentation is involved in the sale of a property or even to simply transfer the ownership of a property from one person to another. While preparing a quit claim deed, the grantor can be a person who is the owner of the property or may be has only the responsibility over the property. This gives the grantor the right to sell the property. The grantor is the person who is the selling person and gives up all his rights over the property while signing this agreement. But, there is a small catch when it comes to this documentation.
This deed is very less concerned about the rights of the buyers in the long term. After the quit claim deed form is properly executed, the property will be transferred legally from the grantor to the grantee. But, the catch here is that the grantor is sometimes not the legal owner of the property and this still leaves some loop holes for the entry of problems regarding the property. But, yet they much preferred due to the ease of documentation and legalization of the deed when compared to the many other sales deed and transfer documents. They are usually preferred only in special conditions such as when the grantor want to give up his interests on a property to the grantee without much complication or in case of title clearance.
The quit claim deed comes as a major threat to the buyers while in a property sale. And therefore they are not much used in property sale situations where the buyer does not prefer to have such a documentation included. But, yet there are several situations other can a legal property sale, where this deed plays a crucial role in solving disputes over the property and keeping the ownership rights documented. Consider a home in which several people have equal rights. When one of the ownership holders passes away, these people can easily transfer the ownership to another person without much effort by using the quit claim deed. This kind of deed document forms an inevitable part of a divorce where one party gives up the interest in the property owned by both of them, particularly if there are any overhead house payments over the property.
It is always required to have a good legal counsellor at hand who will help you through the whole process. Making the choice of the right attorney is very essential to ensure that the quit claim deed is prepared well. They can help you prepare a well-researched document and have the legal document easily cleared. You can work cooperatively with your attorney to have the transfer done quickly. The deed is signed by both the parties and is a kind of business agreement signed between the grantor and the grantee. Make sure that you read the deed document well before signing the paper to ensure that all the clauses are in your favour.