Quitclaim Deed Remove Text Fields For Free

A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.

Quit claim deeds give rights to property; however, the rights that are conveyed may be worthless. One person gives up whatever rights he has to another. The quit claim deed does not guarantee that the person giving up the right had any rights in the first place.

Once the transfer is complete, there is no way to nullify or undo a quitclaim deed unless both parties consent to the arrangement. If the original grantor does agree to take back the property, you must draft and file a new quitclaim deed to void the original.

"Quitclaim deeds," "quit claim deeds" and "quick claim deeds" are the same thing. Their proper name is "quitclaim deed," but the confusion about the name is understandable, since, in essence, a person using a quitclaim deed is "quitting his claim" on a property very quickly!

If you draw up a valid quit claim deed and record it, you cannot "reverse" the transfer of property interest unless you prove to a court that it resulted from fraud or other illegal influence.

Quitclaim deeds are not taxable when they transfer ownership to a spouse.Quitclaim deeds also are not taxed when they transfer property to qualifying charities. For income tax purposes, you cannot deduct the value of a gift from income tax unless the gift is to a charitable organization.

Be sure of your intent before executing a quitclaim deed, as the only way to revoke one is to create another to take its place.To revoke the original quitclaim deed, you need the cooperation of the current grantor. A grantee cannot initiate and execute a new quitclaim deed on her own.

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 quitclaim deed can quickly remove you from a property's title and terminate your ownership interests. A quitclaim does not however, remove you from the mortgage or the responsibility to make payments.

A deed of gift once executed and registered cannot be revoked, unless the mandatory requirement of Section 126 of Transfer of Property Act, 1882 is fulfilled.