subject: Acquaint Yourself With Quit Claim Deed [print this page] In the world of mortgages, you are often required to transfer your ownership rights to other persons. You can do so quite easily with the help of a quit claim deed. Quit claim deed which is often wrongly said as quick claim deed is nothing but a legal document the transfers your ownership interest in a property to someone else. Here the property that is transferred may include home, mobile or manufactured home, land etc. If you are transferring the property to another individual then you are technically called as a grantor and the person to whom you are transferring the property is known as the grantee. However, transferring the property to some one else does not mean that all the debts related to the property get eliminated. The person to whom the property is transferred also inherits all the debts associated with that property.
Here it is to be noted that transferring property to another individual can be done very quickly with the help of a quit claim deed. This is so because you can obtain a quit claim form quite easily and you are not required to conduct thorough research to prove your validity in the title. Also note that in case of a warranty deed, the entire transaction is a very lengthy process and costly too. In fact, if you want to transfer your real property through a warranty deed, it takes more than a month. On the other hand, if you transfer your property through a quit claim deed, it takes just a day.
Once the quit claim deed gets completed and you transfer the property to someone else then the all the costs related to that property become the sole responsibility of the new owner. These costs may include insurance premiums, property taxes, maintenance costs etc. The new property and the related expense on that property will be included in the tax return of the new owner of that property.
A quit claim deed is a very easy and effective way to transfer the property ownership. Transfer of property between two parties who trust each other caJessicaBn be done quite easily through this deed. Here it is to be noted that though quit claim deed is a much quick and relatively less expensive way to transfer your property to whom you know very well but in case of property transfer between two strangers, a warranty deed is a much better choice than a quit claim deed.
It is expected that quit claim deeds will be used in growing numbers in the future. This has been predicted by the National Home Builders Association. This has been predicted because the population of the country is growing older and it is expected that there will JessicaBbe more property transfers within families in the coming future. National Home Builders Association has also predicted that more lawsuits will be filed in the future in relation to property transfer through quit claim deeds. Shortcoming of this legal document will also come to the fore in the near future.
