Quit Claim Deed Definition
There are two basic types of deeds: a warranty deed, which guarantees that the grantor owns title, and the quitclaim deed, which transfers only that interest in the real property which the grantor actually has. The only type of deed that creates "liability by reason of covenants of warranty" as to matters of record is a general warranty deed. A quit claim deed contains no warranties and the seller doesn't have liability to the buyer for other recorded claims on the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record. However, a person who obtains a mortgage is still liable for mortgage payments after executing a quit claim deed on the property securing the mortgage. The quitclaim is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title. A written document for the transfer of land or other real property from one person to another. A quitclaim deed conveys only such rights as the grantor has. A warranty deed conveys specifically described rights which together comprise good title. If the property is owned jointly, all owners must consent to the transfer. You cannot force a joint owner sign an instrument such as a quitclaim deed that would result in the forfeiture of the joint owner's interest in the property.
A deed may be avoided by alterations made in it subsequent to its execution, when made by the party himself, whether they are material or immaterial, and by any material alteration, even when made by a stranger. The disagreement of those parties whose assent to the transfer is necessary may invalidate the deed. For instance, in the case of a married woman, by the disagreement of her hushand or by the judgment of a competent tribunal.
© Copyright 1997-2022 US Legal Forms - All Rights Reserved, a USLegal™ site.