General warranty deed, special warranty deed, quitclaim deed — just what do all these different types of deeds mean? Think of it this way. You have different deeds for different needs. When you have a professional real estate agent on your side, you never have to worry about not understanding all the terms you’ll come across during your real estate deal. A pro is there to help you navigate all the terminology you will encounter and help guide your educated decisions in the home buying or selling process.

Just like any deed, a quitclaim deed transfers property from one person to another. The seller, or grantor, in a quitclaim deed is relinquishing all claim to the property. Think of it as the seller quitting ownership of the property.

This type of deed does not provide any protection for the recipient because the grantor does not make any warranties or claims about the property.

Common Uses for a Quitclaim Deed

• Transfer property after a divorce – If one party is giving up their claim to a property during a divorce settlement, a quitclaim deed may be used to transfer the deed so that only one of the former spouses will be on the deed.
• Settle title disputes – If a title becomes “clouded,” usually because of an intra-family dispute, the parties can clear the title by signing a quitclaim deed.
• Fund a trust for estate planning – If you want to fund a trust while planning your estate, you can use a quitclaim deed to transfer the title to the trust.
• Transfer property between family members – Since a quitclaim deed offers no protection for the grantee, there is a certain level of trust between the grantor and the grantee. Sometimes this type of deed is used to transfer property between family members, because there is already an established relationship of trust there.

Be Sure Before You Sign a Quitclaim Deed

If you plan to use a quitclaim deed to give up your rights to a property, be sure of your decision before signing on the dotted line. Once a quitclaim deed is delivered, it’s very difficult to undo the effects. If the grantee of the deed does not want to return it to you, you may only reverse the deed through a lawsuit. During a lawsuit, you would need to prove to the court that the deed was signed under duress (someone forcing you to sign it), undue influence on the part of the grantee, or the result of fraud.

A real estate agent can help you decide which type of deed is right for your transaction. Don’t go it alone in these complex and important transactions. Hire an agent to help you today!

Looking for real estate services in Gainesville, Haymarket or Bristow? Contact your local real estate expert Belinda Jacobson-Loehle ofJacobson Realty and Home Staging today. Also be sure to sign up now for a FREE copy of my eBook, “The Real Estate Key – What You Need to Know!”

1,443 total views, 1 views today