Quitclaim Deed Import & Place Images For Free

standing legal concept most often practiced in the United States, Canada and Mexico (with similar documents and procedures ranging from state to state across the U.S.), the quitclaim deed in the real estate realm is a complete renunciation of any legal claim against a right to land, a home or other property.

You and the lender both sign the ?Quit Claim.? The Quit Claim states that you agree to transfer the ownership of your property to the lender and the lender agrees to release you from any debt owed. The Quit Claim should clearly state that your debt is cancelled.

There are two sides to a transaction. In real estate, a grantee is the recipient of the property, and the grantor is a person that transfers ownership rights of a property to another person.

A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.

So, if the seller owns a home, they can give a quitclaim deed to the buyer, and the seller's entire interest has been transferred.

The fees involved in filing a quitclaim deed depend on the type of real estate being transferred. Filing a deed for a farm or residential property typically costs $125 and $250 for other types of property. There may be additional fees involved when filing your forms.

Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.

You and the lender both sign the ?Quit Claim.? The Quit Claim states that you agree to transfer the ownership of your property to the lender and the lender agrees to release you from any debt owed. The Quit Claim should clearly state that your debt is cancelled.

A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.

A quit claim deed transfers the legal ownership of the property from one party to another, and doesn't require attorneys or legal help, unless you choose to consult an attorney.