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Understanding quitclaim Deeds

blog4.jpgThere are several different ways that you can transfer a real estate title. Each real estate deed has its own set of benefits and consequences. The deed will contain names of old and new owners, as well as provide a description of the property. This is signed by the person who is transferring the property. A property deed can take the form of a special warranty deed, general warranty deed, a trustee's deed, or quitclaim deed.
If you are not informed about these different deeds, we would recommend that you do your research first. If you are unfamiliar with the importance of each kind of deed, we are here to help. There is a potential for title issues. Title issues can be difficult because these issues can even arise many years after the property was already transferred. There are several factors that could lead to a potential mistake with paperwork. These errors are taking form in a new way through the digital era. Errors sometimes occur when transferring the physical copy to digital form.
Title issues will also occur when there is undiscovered issues with the property. This may include second or third mortgages, boundary issues (check out our previous blog post for more information in regards to this), or forged public documents. With the passing of time, there is an increase in the issues that may acquire in regards to the property.
Palacios Law Group will focus on quitclaim deeds in this week's blog post.
A quitclaim deed is a legal document that lets an owner transfer their ownership interest in a piece of property to a recipient, but offers no guarantee of ownership. These are rarely used when selling property. This method is useful if you are transferring ownership between family members or transferring ownership into a living trust.
The interest passes from grantor to grantee. Couples will use quitclaims in a divorce to pass the property to each other. Some states allow a "deed in trust" to transfer title to a living trust. Other states however could use the quitclaim deed.
According to Legal Zoom, "The grantee is receiving title to the property "as is," and there may be encumbrances, known or unknown on that property that the grantee is receiving."
A Warranty Deed promises or "warrants" that title is clear from any encumbrance or defect. This is the opposite of a quitclaim Deed.
Quitclaim deeds are usually filed at the recorder's office or register of deeds office in the county where the property is located. It's an easy way to transfer property but it is also considered as "buyer beware".
Ask the experts at Palacios Law Group for more information in regards to your real estate issues or situations. 

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