Quitclaim Deed Delete Mark For Free

Quitclaim deeds (sometimes erroneously called "quit claim deeds" or "quick claim deeds") are legally binding documents that do not require a lawyer's time to fill out and file.

Even if you sign a quitclaim deed, the mortgage balance will continue to show up on your credit report. This will hurt what is called your debt utilization ratio. This may mean you have too much debt to be qualified for your next mortgage when you want to buy a new home.

Once the transfer is complete, there is no way to nullify or undo a quitclaim deed unless both parties consent to the arrangement. If the original grantor does agree to take back the property, you must draft and file a new quitclaim deed to void the original.

A deed of gift once executed and registered cannot be revoked, unless the mandatory requirement of Section 126 of Transfer of Property Act, 1882 is fulfilled.

Technically, no. Unless there is an existing mortgage in place, it is possible to remove a name from a title deed yourself without the help of a solicitor.

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.

In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.