What is the main role of the quitclaim deed?

What is the main role of the quitclaim deed?

A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.

How does a quit claim deed affect your mortgage?

A quitclaim deed affects ownership and the name on the deed, not the mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages.

How does a quitclaim deed transfer ownership interest?

An easy way to transfer ownership interest in a property to others is through a quitclaim deed. Quitclaim deeds themselves make no warranties against property title defects such as liens or other claims on the property. All a quitclaim deed does is transfer what ownership interest you have in a property to others as you see fit.

Can a Quit Claim Deed be used to sell a house?

Sure, a quitclaim deed can help you transfer ownership of a property quickly and easily, but it’s not something that you should do without fully understanding the process.

How is a quitclaim deed different from a warranty deed?

The main difference between a quitclaim deed and a warranty deed is a quitclaim deed does not guarantee that the grantor owns the property. A warranty deed, however, does state that the grantor has legal ownership of the property. Quitclaim deeds also don’t protect the grantee (buyer) from any other claim or liability the property might have.

Can You quitclaim your interest in a property?

The Lender. Even if you attempt to quitclaim your interest in the property, the mortgage remains in your name, you remain on the hook for the money, and the property is still collateral for the loan. And you can’t actually transfer ownership by way of a grant or warranty deed because the lender has a claim on ownership through the mortgage.

Share via: