Quitclaim Deed Hide Cross For Free

3 Disadvantages of Quitclaim DeedsNo guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties.

In a quitclaim deed, your mother conveys to you and your sister her interest in the property.The owner could name the heir of the property in a will, but the intended beneficiary would have to wait for the court in probate to issue a deed to transfer title from the deceased owner to the intended beneficiary.

A deed may be validly executed by an individual if it is signed at their direction and in their presence and the presence of 2 witnesses who each attest the signature (section 1(3)(a)(ii) of the Law of Property (Miscellaneous Provisions) Act 1989).

Two witnesses are required to witness the Grantor's signing of the deed.The witnesses should not sign a deed that was signed by the Grantor out of their presence. The witnesses' names should be legibly printed, stamped or typed below their signatures. A Grantor or Grantee cannot witness the deed.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

The inherent problems with quitclaim deeds--that is, the lack of title guarantees--offer lenders a valid reason to disallow the release of any now-former owners from mortgage obligations.Whether adding or eliminating owners, recording a quitclaim deed may technically violate the terms of the first mortgage loan note.

Quitclaims Are Taxable Events Unless the property goes to your spouse, quitclaiming is usually a taxable event and should be declared to the IRS using Form 709. Especially if you're passing a whole or part home ownership interest along to your adult children, the Internal Revenue Service is interested.