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.
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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