The property deeds establish the transfer of real property. There are a number of property deeds. It is usually either private or official. Among these, quitclaim deeds is the most common property deed.
Quitclaim deeds is possibly the easiest one to understand as it doesn’t really involve that much of a legal instrument. The most common use of a quitclaim deed is to transfer property between family. It is also a common practice to cure a defect on the title such as the misspelling of a name with a quitclaim deed.
Generally, you will want to transfer property with quitclaim deed between family members or with people that you really trust. This is because quitclaim deeds offer very low buyer protection. While warranty deeds—another common type of property deed offer high buyer protection.
One thing to keep in mind about quitclaim deeds is it affects the ownership, not the mortgage. So a quitclaim deed is only going to change the name on the deed.
Accepting a Quitclaim Deed
Since quitclaim deeds offer the least buyer protection, you should only accept it from grantors you trust. For those who don’t know, the grantor means the seller of the property. Because quitclaim deeds do not give any warranty about the quality of the grantor’s property, you should always check everything from bottom to top about the property you’re accepting with a quitclaim deed.
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The bottom line here is quitclaim deeds are not any different than other types of deeds but only if the title (property) is in good condition. As long as you trust the grantor, a quitclaim deed can save a lot of the burden that comes with transferring property.