Quitclaim Deed With Life Use
Description
How to fill out Mississippi Quitclaim Deed - Life Estate - Two Grantors To One Grantee?
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FAQ
Among other things, a quitclaim deed or non-warranty deed must include the following items: Names and addresses of the current owner and new owner; A legal description of the property; The name of the person who prepared the deed;23 and. A statement that the property is or is not the transferor's primary residence.
A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property. The title is transferred without any amendments or additions.
A quitclaim deed to real estate may be substantially the same as a warranty deed, with the word "quitclaim" inserted in connection with the words "do hereby grant, bargain, sell and convey," as follows: "Do hereby quitclaim, grant, bargain, sell and convey," and by omitting the words, "and warrant the title to the same ...
Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.
There is a four-year statute of limitations for a prior deed to come into the chain of title and take effect.