What Are Quitclaim Deeds?

person signing document

Deeds are legal documents needed for transferring ownership of any property from one person to another. But there are other, less commonly known types of deeds which can do the job in a far quicker manner.

These deeds are called quitclaim deeds, and while faster, they are also much riskier than regular deeds, and thus are only used between people who trust each other.

What do Quitclaim Deeds Do?

Quitclaim deeds are like regular deeds in that they transfer the property title, but these provide very little buyer protection – if any at all. All that needs to be done is for you to give the current deed to the person receiving the property, and the title is transferred without any changes being made.

This means that the receiver will also have to accept any kind of title they are given, even if it is a “bad” one – that is, the one giving away the property doesn’t actually own it.

What is the Risk Involved?

Quitclaim deeds do come with some risk. That is, instead of complete transfer of ownership, a quitclaim deed is more about conveying the interest of a person in the property, but doesn’t actually state anything about what kind of interest that is, or what rights the person has.

This means that a quitclaim deed doesn’t assure that the grantor actually owns the property, just that if they do, the ownership rights are transferred.

When Are Quitclaim Deeds Used?

With the risk quitclaim deeds pose, there are limited situations where they are used for transferring ownership.

They are frequently used for fixing errors – that is, if there’s an error in the title and you want to update it, instead of going through the whole process, you can opt for a quitclaim deed.

Marriage and divorce are also scenarios where quitclaim deeds are used. You can easily add your spouse to your title, or transfer it to your ex-spouse if that is needed.

They are also frequently used when it comes to fulfilling wills in that if the owner passes away and grants the title to someone else, a quitclaim deed can be an easier way of going through it.

They are also used for gifts.

How Do Quitclaim Deeds Work?

Again, quitclaim deeds are used between parties who trust each other. To start off, a form is filled out that includes the names of the parties involved and some basic details, such as a description of the property, when you want it transferred, or any other necessary details.

The form is signed by both parties and a notary is required for legitimacy.

Quitclaim deeds are used for transferring ownership, but doesn’t affect the mortgage. Unless there is a separate document specifying that the person receiving the property is also receiving the mortgage, the grantor will still be responsible for it.

If you’re looking for Queens Estate lawyer who can help you navigate through tricky topics like quitclaim deeds, we can help! Visit our website to learn more about New York City probate law firm

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What Are Quitclaim Deeds?

Ledwidge & Associates

Ledwidge & Associates, P.C. in New York City has years of experience helping clients create estate plans that fit their needs. We have the experience and resources to handle your critical legal matters with the utmost care and attention to detail.
What Are Quitclaim Deeds?

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