Quitclaim Deed Replace Advanced Field For Free

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners divorce and one spouse's name is removed from the title or deed.

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.

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.

Other Names for California Quitclaim Deeds These two terms are interchangeable. Some people mistakenly use the term quick claim deed when referring to a quitclaim deed. That term is always incorrect. There is no such thing as a quick claim deed.

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.

When you receive property through a quitclaim deed, or inherit it, you become fully responsible for that property. Any taxes, insurance, property liens or other debts attached to the property you received via quitclaim deed become yours as well.

The biggest risk to using a quitclaim deed is that there are no guarantees of actual ownership, so you might not actually have a legal right to own the property. In a worst-case scenario, a grantor could transfer the property title to you and lie about being the true owner.