Quitclaim Deed Replace Dropdown List For Free

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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.

While there is no time limit on recording a deed or recording required for a quit claim deed to be valid, record all deeds as soon after the transaction as possible. Failure to record a deed could render transfer or mortgaging of the property impossible and create numerous legal difficulties.

A quit claim deed transfers the legal ownership of the property from one party to another, and doesn't require attorneys or legal help, unless you choose to consult an attorney.

When you receive property through a quitclaim deed, or inherit it, you become fully responsible for that property. Any taxes, insurance, property liens or other debts attached to the property you received via quitclaim deed become yours as well.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

Complete the Quitclaim DeedDownload a quitclaim form from your county recorder's website or obtain a form from a local attorney, real estate agent or office supply store. Make sure you have the assessor's parcel number (APN) on the form. You can find it on your property tax bill.