Quitclaim Deed Replace Phone Field For Free

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.

Quit claim deeds are sometimes used to transfer properties to different entities for asset protection purposes.If you want true asset protection, the trick is to transfer the property correctly, so as not to flag the mortgage company.

In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. In California, the statute of limitations is five years.Any challenge to the quitclaim must be based on either a procedural error or on undo duress.

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.

Quitclaim deeds are useful in title-clearing actions or simple transfers between family members or in a divorce. They are not useful in sales or other cases where a more firm guarantee of ownership on the part of the guarantor is needed.

Because quitclaim deeds make no warranty about the quality of the grantor's title, they are best for low-risk transactions between people who know each other and typically involve no exchange of money.

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.