A quitclaim deed refers to a legal document or instrument used in various real estate transactions, transferring the interest in the real estate property without a warranty of the title. The former owner of the real estate gives up any claim to the property and transfers any interest they may have in it to another person. Since it doesn’t guarantee ownership, a quitclaim deed can only be used in very limited situations. It only accords you with an easy and quick way of relinquishing the claim you may hold on the property to give it to some other party. A quitclaim deed is normally used whenever you want to transfer some property interest from the guarantor to the guarantee, and a real estate attorney Los Angeles can help. They are used between parties or people who know one another, like family members or divorcing partners.
When To Use a Quitclaim Deed
A quitclaim deed provides a fast, easy way of transferring property among people who know one another, such as family members. They are also an excellent option whenever you plan on putting your real estate property into a trust. A quitclaim deed could be used when you need to:
- Add the name of your spouse to the property title.
- Bequeath your real estate property in your last will.
- Transfer property to your sibling, child, or another family member.
- Transfer property into your living trust.
- Remove your spouse’s name from the real estate property title after getting a divorce
- Transfer the property interest to your business partner
Normally, the quitclaim deed is used when estate property is transferred with no traditional sale. Using the quitclaim deed, you don’t require to perform a title search or even need title insurance. Additionally, you could use it whenever you plan to clear up your title to the real estate property. For instance, there may be an issue with another person potentially claiming ownership rights to the same property. Hence, they could sign the quitclaim deed to ensure the new property owner gets the exclusive rights to the title.
As you can see from the above, a quitclaim is a vital document that you should have all the legal information before filling. Fortunately, a real estate attorney in Los Angeles can help you by explaining legal jargon and considering the facts. Don’t fall into the trap of bequeathing ownership without legal input. Trust the attorneys at Stones & Sallus LLP to help you with any real estate transaction. Reach out to us at (310) 889-0233 today.