What is a quitclaim deed?
A quitclaim deed is a legal document that is used to transfer the ownership of a property from one person to another, according to Legal Zoom. Many people prefer quitclaim deeds because they are faster and easy to use compared to other forms of deeds.
What is a deed and how does it work?
A deed is a document that is used to transfer the ownership of a property from the seller to the buyer. The deed will clarify the nature of the property, and information about the buyer and seller. More importantly, the deed must be signed by the buyer and seller of the property before they take it to the notary.
At the time of the transfer, the buyer of the property will get a physical copy of the deed. From this time on, the buyer will legally own the property until it is sold or the ownership is transferred to another party.
There are many forms of deeds and they offer different level of protection.
One of those forms is the quitclaim deed. This type of deed offers limited protection to the buyer. As noted by Home Light, a quitclaim deed will transfer the ownership and rights to the buyer. However, there is no guarantee that the seller will be able to do so. In addition, the buyer will have no legal claim against the sellers if something goes wrong.
Advantages of quitclaim deeds
The quitclaim deed is also know as a quick claim deed due to its simplicity. This deed is easy to use and require less details compared to other deeds. The buyer and seller can complete this form in a very short time and take it to the notary. This makes the transfer of the ownership very easy and fast.
Disadvantages of quitclaim deeds
Although quitclaim deeds make the transfer of ownership from one person to another, they offer little protection. The deed does not offer any guarantee about complete ownership of the property, liens associated with the property, etc. For this reason, buyers who use quitclaim deeds must be very careful and understand the risk involved in such a transaction.
