Massachusetts Quitclaim and Bill of Sale of Pipeline
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How to fill out Quitclaim And Bill Of Sale Of Pipeline?
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FAQ
A Massachusetts quitclaim deed is the most common type of deed for real estate transfers in Massachusetts. Quitclaim deeds transfer property with a partial warranty of title?splitting the risk of unknown title problems between the current owner (the grantor or transferor) and the new owner (the grantee or transferee).
In Massachusetts, a quitclaim deed is akin to a special warranty deed elsewhere. There is a $25 filing fee for new deeds in Massachusetts as well as a property transfer tax which is typically $2.28 per $500 of taxable value.
The quitclaim deed typically includes the purchase price, a description of the property, and how the buyer takes title.
These three types are warranty deeds, quitclaim deeds, and release deeds. Of the three types of deeds recognized in Massachusetts, warranty deeds provide the most comprehensive protection for a buyer/grantee.
Unlike a warranty deed, the quitclaim deed only covers encumbrances made by the grantor. It does not cover any preexisting encumbrances such as easements or restrictions set forth by the municipality.
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.
No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
In real estate transactions, the deed is the instrument that transfers ownership of property from one party to another. The quitclaim deed is the most commonly used deed in the purchase and sale of residential property in Massachusetts.
