What exactly is a quit claim deed?

A quitclaim deed releases a person’s interest in a property without stating the nature of the person’s interest or rights, and with no warranties of that person’s interest or rights in the property.

Why is it called quit claim deed?

A quitclaim deed is a document that is used to transfer ownership of real estate from one party to another. Quitclaim deeds are also sometimes called quit claim deeds or quick claim deeds because they are a fast way to accomplish real estate transfers.

How do I know if my deed was recorded?

Finding Out Whether Your Deed Was Actually Recorded To find out earlier rather than later, contact your attorney or escrow agent and ask for a copy of the recording page for your deed. The recording page lists the date the deed was recorded and also the volume and page number where your deed can be found.

What is the advantage of a quitclaim deed?

A quitclaim deed is quick and easy because it transfers all of one person’s interest in the property to another. The deed transfers all claims the seller has to the property, if any. If the seller has no interest in the real estate, no interest is transferred.

What is the advantage of a quit claim deed?

One benefit of a quitclaim deed is that most real estate transactions include paying tax for the transfer of the property, which is based on its value. If the property is transferring from one family member to another with no money attached as a sale, the transaction is considered a gift.

What are the dangers of a quitclaim deed?

Risks to using a quitclaim deed The biggest risk to using a quitclaim deed is that there are no guarantees of actual ownership, so you might not actually have a legal right to own the property. In a worst-case scenario, a grantor could transfer the property title to you and lie about being the true owner.

What is the disadvantage of quitclaim deed?

Disadvantage. The great disadvantage for the grantee who takes property using a quitclaim deed is the fact that if events prove that the grantor had no title, or limited title, to the property, the quitclaim deed does not allow the grantee to sue the grantor.

What do you need to know about a Quit Claim Deed?

What is a Quitclaim Deed? A quitclaim deed (sometimes called a quick claim deed or quit claim deed) is a special deed form that transfers property with no warranty of title. A quitclaim deed requires special language to ensure that the deed qualifies as a quitclaim deed. This language is included in all of our deeds. Get Deed

Can a quitclaim deed be transferred to a grantor?

A quitclaim deed transfers or quits any interest in real property. A grantor —the individual transferring interest in a property—may not be in the title at all and can transfer an acquired interest.

When did quitclaim deeds become common in the US?

Quitclaim deeds were not common in the United States until the mid-1800s when property ownership started to mature after the revolutionary war. (Fig2.) Prior to that, real property was transferred primarily via a process that involved warrants, surveys, and land patents.

Can a Quit Claim Deed be called a Lady Bird deed?

This means that the same deed may be properly called by two names. For example, a lady bird deed may also be a quitclaim deed. Quitclaim deeds are often used in most states to transfer real estate. But in a few states—including Texas and North Carolina—title companies disfavor quitclaim deeds.