What is a Quitclaim Deed and When Do You Need One?
A quitclaim deed is a method utilized to transfer a property owner’s interest to another person without any warranties or guarantees as to the state of the property or chain of title. Quitclaim deeds are frequently used to:
- Transfer a property to or from a living trust;
- Transfer property to a spouse in a divorce;
- Transfer a sole property owner’s rights to another property owner;
- Transfer a partial property interest to one owner to another;
- Transfer an entire property interest from one owner to another; and
- Correct mistakes in prior recorded deed.
When an owner wishes to give property as a gift to another party, a quitclaim deed is often used for this purpose, especially among family members.
It is important to remember that quit claim deeds are irrevocable. It is therefore critical that quitclaim deeds be prepared and executed properly. An experienced real estate attorney can ensure that the legal formalities required for deeds are met, and that you understand the process and what you are transferring or receiving. An experienced real estate attorney can also ensure that the deed is recorded properly in official records, which is a requirement for the conveyance.
Bullard Law can assist you with your real estate conveyance needs.