Our friends over at Deeds.com reached out to us last week and asked if they could contribute some articles to our blog. We happily accepted, and here's the first article.
3 things you need to know about real estate deeds Part 1.
Everyone knows that you get a real estate deed when you purchase a home. What about all of the other situations that might warrant a real estate deed? Homes are bought and sold every day, and not all of those transactions are cut and dry. Many other deed situations can, and do, arise.
For instance, when is a quitclaim deed actually necessary? If you're flipping a home, do you need a warranty deed when you try to sell? Mistakes can also happen - quite often, actually.
When is it necessary to file a correction deed? Do I need one if I want to add my spouse to my title? This primer on real estate deeds will help to answer some of these questions.
When is a quitclaim deed actually necessary?
Quitclaim deeds, like other deeds, are used to transfer ownership of real property. This type of deed is often used when there are two or more owners and one owner wants to relinquish his or her claim on the property.
Quitclaim deeds are often used in the case of divorce, marriage, and other familial transactions. The person receiving title (the grantee) from a quitclaim deed does not receive any warranties of title. The grantee in a quitclaim deed is only entitled to whatever interest the grantor actually has at the time of possession.
A quitclaim deed is one of the most common means of adding an additional owner to the title. The current owner of the property is the grantor of the deed, but would also be one of the grantees if he wanted to add another owner. This allows the grantor to transfer all of his interest in the property to himself and another person.
A quitclaim deed can also be useful and convenient in the case of divorce. In a divorce, the person being removed from the deed could quitclaim his interest as the remaining owner.
Like other real estate deeds, quitcliaim deeds should be recorded in the county where the property is located.
For more information about real estate deeds, when you should or should not use them, and to purchase deeds, please visit Deeds.com.
Stay tuned for part two!
Comments(4)