Quitclaim Deed / Agreement

When a person sells or buys real estate property, they have to sign a legal document known as property transfer deed which serves as the legal proof of the selling or buying process. The quitclaim deed that we are discussing here is the same kind of document that is used for transferring the ownership of a real estate property from one person to another but it is a little different as compared to the common warranty deed.

Importance of Quitclaim Deed:

As you know, there are basically two types of deeds used for transferring the ownership of a real estate property including; warranty deed and quitclaim deed. The warranty deed is the most commonly used deed these days and by signing this deed, the seller states that he is selling the property with his consent to another person in exchange of a particular amount of money and he also claims that there is no liability with the property i.e. taxes, mortgage, loans or other utility bills. With this warranty deed, if the buyer finds out he is going to be held responsible for any liability or financial expense related to the property, he can file a case against the buyer by using the warranty deed. On the other hand, a quitclaim deed is also used to transfer the ownership of a property but it is used when there is no money involved and the property is transferred to another person without him giving any money to the seller.

This deed is mostly used to transfer the property within family i.e. parents use this quitclaim deed to transfer homes to their children or married people use this deed to add or remove the name of their spouses from the ownership of the property. The most important thing about this quitclaim deed is that it comes with no warranty which means if there is a liability with the property i.e. mortgage loan, tax disputes or any other problem, the new owner will be held responsible and no questions will be asked to the previous owner as he has transferred all the rights to the new owner. This fact that quitclaim deed is actually no warranty deed makes it more complicated and difficult to use. This is why quitclaim deed isn’t used in most cases and even if one uses it, he has to make sure that he can trust the selling party or he won’t be able to ask them about any liability that comes with the property.

Useful tips for writing Quitclaim Deed:

There are many things that you can consider before preparing a quitclaim deed but first you need to understand that it’s not like a notice or letter or application that you can draft by yourself. You need to contact the local property department and ask them to give you a quitclaim deed form that only be used for the property that you mention in the registrar’s office. Once you got the form, you just need to fill it with the names of the seller(s), the buyer(s), the detail of the property, its location, the date when you transferred the ownership to another person, the statement that there is no warranty with this transfer and signature of witnesses.

Here is Free Fill-able PDF of Quitclaim Deed / Agreement,

Quitclaim Deed

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