Quitclaim Deed Hide Required Fields For Free

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.

A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.

Warranty deeds, which are used in the transfer of real property, protect the buyer's new title from superior title claims. In other words, they protect the legality of the deed. Quitclaim deeds offer no such protection. Instead, they only convey the seller's interest in the property.

The Quitclaim Deed (also purchasable at most office supply or stationery stores) is completed and signed by the grantor, whose signature must be notarized. View a list of acceptable exemption statement:Documentary Transfer Tax Exemption Reason.

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.

Quitclaim deed: Used when a real estate property transfers ownership without being sold. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. A quitclaim deed real estate transaction sometimes occurs between family members.

A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.