Quit – Claim Deed-Work For Equity

Quit claim deeds- know more about it

Quitclaim Deeds are a type of legal document which deal with the rights related to a property. These are mostly used for joint mortgage situations or in divorce cases. There are certain important points that need to be considered before going in for a quitclaim deed.

Relinquishing of Rights –

When a Quitclaim deed is signed we lose any right to a property immediately. The total power of the property is given over to the other party who is a mortgage partner. Even a sale, would not warrant any takings for us. The recipient receives all the equity in the property.

No warranty for a valid claim –

When such a deed is signed, there is no warranty that is implied towards any claim to the property.

No Financial Obligation Release –

The signing of this deed does not free us from any financial obligations. We would not have any right towards the property and yet we would be financially obligated towards any mortgages for it. To avoid this, a process of refinancing would be best without our name on any document.

No Warranty towards the property –

When we get a property through a quitclaim deed, we take it “as is” without any obscure or legal warranty towards the house. Hence, a good check would be wise before taking possession.

Compensation –

Usually, compensation is given to the individual who gives up the rights to the property.

Though, a sad situation, this Quitclaim Deed is extremely useful in determining each party’s rights.

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Sample Template Preview

STATE OF ____________________

COUNTY OF ____________________

QUITCLAIM DEED

   QUITCLAIM DEED, made this _____ day of _____________________, 20____.

________________________________________ (“grantor”) of  ________________________________________ County, for and in consideration of the sum of _______________________ DOLLARS ($______________), the receipt and sufficiency of which is hereby acknowledged and received, and for other good and valuable consideration received, does hereby remise, release and quitclaim unto ____________________________________________________ (“grantee”), whose mailing address is _________________________________________________________, his/her heirs and assigns, the following described premises, County of __________________, State of _____________________, described as follows (enter legal description):

<< LEGAL DESCRIPTION ATTACHED AS EXHIBIT “A” >>

Also known as street and number ____________________________________________.

Signed, sealed and delivered in the presence of:

_________________________(Seal)                                                                       _______________________(Seal)
Grantor                                                                                   Grantor

_________________________(Seal)
Witness

On _________________, 20____, before me,                                                                                                     ______________________, a notary public in and for said state personally appeared _______________________________________________________________, personally known to me (or proved to me based on satisfactory evidence) to be the person(s) whose name(s) are subscribed to the within instrument and acknowledged that (s)he/they the same in his/her/their signature on the instrument the person(s) or entity on behalf of which they acted, executed the instrument.

____________________________________
Signature of Notary                        [SEAL]