Understanding Quitclaim Deed: What Is It? And How Does It Work?
Deeds are legal tools used in real estate transactions. There are three types of deeds: special warranty deeds, general deeds, and quitclaim deeds. The difference between each depends on the type of transaction the parties are making. In this post, we provide you with the details about quitclaim deeds to understand what it is and how it works. What Is A Quitclaim Deed? This is a legal document used in real estate transactions to quickly and seamlessly transfer real property ownership rights from a grantor to a grantee. Usually, a quitclaim is used when the transfer does not involve monetary transactions. The d eed document contains the names of the grantor and grantee with a complete description of the property being transferred. It is filed at the county recorder of deeds office and immediately became a public record. Advantages of quitclaim deeds A quitclaim is vital in real estate transfers in several ways. Here are the common pros of this legal document. Effective for internal...