What Is a Quick Claim Deed Used For?
The form quick claim deed is actually a document used when referring to mortgage property or life property. An owner of a property can use this form to relinquish her right to interest accrued on the property, transfer the property out of her name or release property to a company for consignment. A quit claim deed can also be used to donate property to a person or non-profit organization and add or remove a person from ownership.
The deed can not transfer obligation of the seller to the grantee if there is a mortgage. But a person who wants to assume the mortgage could do so by using a lender. Otherwise the original owner is still responsible for the mortgage. No guarantees or promises are implied when submitting a quit claim. The claim can be submitted without knowledge of other heirs who may be entitled to the property. Once you submit a quit claim to a grantee and he accepts it, it is difficult to retract the document. To regain ownership the grantee would either have to give you the property back or you will have to prove the property transfer was invalid.
When transferring a quit claim deed, both the grantor and the grantee must be present. Using the original deed the real estate or final estate planner will present two forms. Both forms have to be signed and notarized by the seller and buyer. If the seller wants to transfer the name on the property or gift the property, then both parties will need to be present and again sign both documents. After the documents are signed, a new deed will be mailed to the grantee. If the seller wants to transfer the property to a business like a funeral home and a cemetery plot, for example, then the owner signs only the quit claim form. When the form is signed the grantor is no longer the owner.
Nicola Bryant, a professional writer since 2000, is owner and operator of Consult Medley Publishing. She oversees digital representations of art, web content and social media campaigns and has published articles for newspapers, company newsletters and promotional marketing pieces. Bryant studied business administration at Southern University A & M.