How does a quitclaim deed work on a property?

Yet, if the grantor doesn’t actually own the property, then he conveys only whatever interest he has in the property to the grantee. A quitclaim deed only “quits” the grantor’s interest in the property; it does not “quit” claims that a third party has against the property.

When to add another person to a deed?

If one person owns a piece of real estate and wants to bring on another owner, this means that the current owner would give up their interest in the property to themselves and the other person. Both people would acquire their interest in the property at the same time in the chain of title.

What do you call a quick claim deed?

People sometimes call the quitclaim deed a quick claim, as it is a quick way to transfer real estate ownership from one person to another. The correct term is quitclaim, due to the fact it is a way for the issuer to “quit” his interest he has in a piece of property.

Which is true about the registration of deeds?

The registration of deeds system ( Registry of Deeds) which records the existence of deeds and conveyances affecting property A title is the ownership of a property and a deed is a written document that affects property.

Who is the person who deeded the property to?

The person transferring property is termed the grantor and the person or entity to whom the property is transferred is called the grantee. On the easy end of the spectrum is the quitclaim deed. It transfers a grantor’s interest to a grantee without specifying what the interest is, liens,…

What happens when you deed a house to someone else?

On the other end is the general warranty deed, where the grantor guarantees that he has a certain interest in the property, the legal right to grant ownership, and there are no undisclosed encumbrances on the property.

What happens when you use a quitclaim deed?

When you use a quitclaim deed to transfer property, you make no guarantees. Under a quitclaim deed, you transfer whatever interest you hold (if you do, in fact, hold any at all) to the other person. You’re not promising clear title.

What do you need to know about deed of property?

A deed is a legal document and must be drafted and signed according to the laws of your state. To complicate matters, you’ll need to select the appropriate type of deed for your transfer. A good place to start is with an overview of the deed process. Decide which type of deed works best for your transfer of real estate.