What is a quitclaim action? (with photos)

Real estate transfers between family members are made by means of a deed of quitclaim.

A deed is essentially a piece of paper that transfers interest in the land from one person, called the grantor, to another, called the concessionaire. It is essentially a real estate contract. To have legal effect, it must be signed by the grantor and describe the land to be transferred. A deed of quitclaim, sometimes erroneously referred to as a “deed of quick claim” or “deed of quitclaim”, is a type of deed. There are also surety actions – both a special surety action and a general surety action. The deed transfers to the concessionaire any interest that the grantor has in the property.

A deed is essentially a piece of paper that transfers interest in the land from one person, called the grantor, to another, called the concessionaire.

There is an important limitation to this type of writing. By transferring only the rights that the grantor has over the property, it does not guarantee that the property will be definitive of the concessionaire. If other people with an interest in the property have not signed the deed, their rights are not affected by this document – ​​they still retain their property. In most cases, a signed quitclaim deed is a simple and effective way to waive all interest on a property.

Another popular type of deed is the general guarantee deed. Compared to the general deed of guarantee, the deed of quitclaim is relatively simple. While the deed only transfers the interest that the grantor owns, the general deed of guarantee, on the other hand, comes with six clauses (or promises): (1) seisin pact: that the grantor actually owns the property, (2) pact of right to transmit: that the grantor has the power to transfer the interest in the land, (3) pact against encumbrances: that the title comes without encumbrances, such as mortgages or encumbrances, (4) pact for quiet usufruct: that third parties do not have any legal claim for title, (5) contract of guarantee: the grantor will back up the rights of the concessionaire if a third party makes a legal claim on the property, and (6) contract for other guarantees: that the grantor will do everything reasonably necessary to improve the title of the concessionaire, should there be an imperfection.

See also  What is a Profit Model? (with photo)

While you can be more sure of what you’re getting with a general deed of guarantee, a deed of quitclaim can also be a good option. It is particularly useful when there is a cloud of titles – when someone else can claim ownership. While these deeds do not necessarily give you an interest in the property that is free and clear, at least they give you the interest that the grantor had.

Alternatively, when there is no concern for other property claims, the waiver order is a simpler way to pass interest. In fact, it is often used in intra-family transfers. The deed of quitclaim, for example, is commonly used in divorces. If the family home is not sold to a third party with the profits shared, this type of deed is a real estate necessity. When one of the people involved in the divorce gets the house, the other person has to give up claiming their interests in the house.

There are other uses for the deed of quitclaim. If siblings inherit a family home and share the property with other brothers and sisters, a quitclaim application can be used to sell the home. One of the brothers can sell his part of the house to another and use a quitclaim order to surrender all of his rights and interests in the property with the sale.

Leave a Comment