A quitclaim deed is the process of transferring one’s real estate investment to another person. People may choose to use this document to demonstrate good faith between spouses or family members so that there is no dispute over who owns the property. There are several cases in which a person may choose to present this document.
If a wife and husband are independent real property owners, the spouse who wants to remove their claim to their partner’s property would need to sign this document. Similarly, in the event of the death of one of the parents, two or more siblings can inherit the house. The siblings would sign this deed to assign their property rights to another sibling.
Another common reason for this document is in the case of divorce. When spouses have real property in common, it is common for one of them to file this form to extinguish their rights. The signing of this document excludes any right to benefit that may be derived from the sale of the home. However, both spouses will still be responsible for paying any debts that occurred on the property before the deed was filed.
People can find this paper at almost any office supply store. Submission of this document requires a copy of all ownership details of the property in question. Once the document is complete, the party to whom the property is released and the person(s) signing their rights to the property will need to sign the document in front of a notary public. The record of this deed must be filed in the county clerk’s office. Prior to initiation of this writing, individuals should verify the law regarding such forms in the state in which they live.
It is important that when completing this form you ensure that it is free of errors. Any typos or oversights could result in an invalid document, which will delay processing. It is also important to do extensive research to ensure that everyone who owns the property is accounted for, as the document is not legal without all the necessary signatures.
A quitclaim deed is different from other deeds often used in real estate, such as grant and warranty deeds. A guarantee requires proof that the property is clear of debt and that no one else owns the property, whereas a relinquishment claim does not require such proof.
Once the form is finalized, the party who signed your property claim no longer has any legal rights. Recovering any property would require legal action and proof that the person signed the document under some kind of hardship that would invalidate the signature. Therefore, it is important that individuals have done extensive research and consulted with an attorney before filing the document.
A quitclaim deed is used in cases where one or two parties want to assign their ownership rights to real property to another person or persons. Individuals should be carefully oriented when completing this form, use the correct spelling of names, and be sure to answer all questions. Once the document is signed, it becomes legal. People will want to consult with professionals to make sure they understand the ramifications of signing this form.