Quitclaim Deed Remove Smart Field For Free - Lf298 Quitclaim Deed

Quit claim deeds give rights to property; however, the rights that are conveyed may be worthless. One person gives up whatever rights he has to another. The quit claim deed does not guarantee that the person giving up the right had any rights in the first place.

If you sign a quitclaim deed to release yourself from ownership of the property or a claim to the title, then that doesn't mean you are no longer held accountable for the mortgage payment.Otherwise, you may be held responsible for unpaid payments despite no longer having a claim to the title.

Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name.They may also be used when a property transfers ownership without being sold, that is when no money is involved.

Most spouses are reluctant to sign a quitclaim deed for this reason, at least until they're sure that you have refinanced the mortgage so they're no longer responsible for it. Your wife's attorney might actually advise her not to sign the deed until you've refinanced the mortgage.

"Quitclaim deeds," "quit claim deeds" and "quick claim deeds" are the same thing. Their proper name is "quitclaim deed," but the confusion about the name is understandable, since, in essence, a person using a quitclaim deed is "quitting his claim" on a property very quickly!

A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.

3 Disadvantages of Quitclaim DeedsNo 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.