Quit Claim Deed

By Author: paulsimmions
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A quit claim deed is a legally binding document between involved parties that states one party is freely giving up interest in the property shared with another. It is most commonly used in situations of divorce between two ex-spouses determining the best course of action for who assumes responsibility of house payments. If you are touched by divorce or any other situation that requires you to sign a quit claim deed, then you must first get started by:

Answering who will assume management of property. If you find yourself giving up your rights to a piece of property, tangible or otherwise, then you will need to sign the quit claim deed without question. If not, then you will likely still be signing, as your name will appear in some capacity. But it's a lot easier to do when you know that you aren't giving anything up. Still, those who assume ownership of the property take on certain risks of their own, making what most people finally decide a "toss up" that simply depends on how valuable said property truly is.

Find good legal counsel who will walk you through the process. No one is just dying to hire a lawyer. ...
... There are too many horror stories out there about attorneys, who led financially strapped people down unhealthy paths. Still, no matter what you think, it is an absolute necessity for the peace of mind you will likely seek in return for less responsibility. The faster a quit claim deed clears, the better off all parties are. The dividing of assets can be a very difficult part of divorce proceedings, especially if there is a good deal of ill will on the part of one or both parties. But there are certain documents and procedures that can help make this process go somewhat smoother. One of these documents is a quit claim deed.

A Quit Claim Deed is a deed for real, physical property, in which the owner of the property, or the grantor, gives the property to another person, or grantee. In divorce cases, quit claim deeds are most commonly used for the home the divorcing spouses used to share. It is important to realize that this type of deed transfers the rights to the title of the property but it does not transfer obligation for the mortgage of the property. It also does not guarantee that the property is free of debt or that no one else may try to lay claim to the property.

When two parties need to transfer a title on a piece of real estate, the transaction will eventually have to be filed with some government office. That office has no way of knowing that all actions have been completed unless they are presented certain documents. This document is commonly the Quitclaim Deed. This document essentially shows that the seller no longer has an interest in the property in question.

Sometimes, however, there is not an actual sale of real estate, yet one party must yield their Quit Claim Deeds in the property to someone else. A common situation where this might occur is divorce. If one party must transfer their claim in property to the other, a quitclaim deed may be required. Also, often if a trust has been created to control property, a quitclaim deed may be required in the transfer of ownership to the trust.

While the quitclaim deed itself can be easily created by most people by using do it yourself legal software, it can be part of a complicated process, as are most real estate transactions. While many people are attempting to sell their homes themselves these days using "for sale by owner" (FSBO) methods, that too can be a complicated and daunting experience.

While you may want to handle the sale of your home yourself, it is best to be honest with yourself as to your abilities to handle it all, even with the help of do it yourself legal kits. Once you have made an honest evaluation, you may find that the best course of action is to simply hire an attorney who is experienced in real estate transactions.