What does QUIT CLAIM DEED means?????

It means that the person signing the deed releases his/her claim to the propery. It is not a very good deed to have because there may be others who have a claim to the propery in which case the deed is pretty much worthless. It is normally used by divorsing couples where one signs a quit clain deed to the other. That is really the only acceptiable instance. The only deed that one should insist upon is a warrenty deed which warrents that the deed the seller has deed to the propery.

It means you give up all your claims to ownership on an asset like a piece of real estate.

Two examples: I got divorced and my ex kept the house. He gave me money for my share and I signed a Quit Claim Deed saying the house was all his now.

Then I bought a house of my own before our divorce was final. Before I could get my mortgage, he had to sign a Quit Claim Deed saying that he made no claims of ownership on my new property, even though we were still legally married in a community property state.

A quit claim deed is a "promise" to transfer the title of property without any more promises. For example, when you purchase a home, w/lawyers, brokers, title companies - etc . . . the deed you get has "warranties" attached that protect you from things like "misrepresentation" from the seller (he never told you the land was on a nuclear waste field) and a guarantee someone else with a better claim than you to the title won't come to dispossess you. You always want more than a quit claim deed - get a title company involved they can help you. Oh yea, lawyers are great too.

The first answer is correct but I did one 15 years ago when I got divorced and my name is still on the bank mortgage. I just have no legal right to the house and property

A quit claim deed is an instrument that notes that a named person has no claim to a property. It only means that the grantor relinquishes all claim to a property. It is especially useful for transferring property from one individual to another, or to a trust, without the exchange of funds. It differs from a warranty deed in that the grantor does not guarantee title to the property .

Let's say you bought a home with somebody (like an investment partner) and both of your names are on the title deed. You sign a quit claim deed to turn over all ownership to your partner. This is usually done as a buy-out. Say the home is worth $400,000. You could say for $200,000 I'll sign a quit claim deed. That deed is recorded by the County Recorder and puts the title for the home solely in your partner's name and you pocket $200,000.

It is a document signed by a person who is part owner of a property, which says that the person is giving up all rights to that property.

It means you "quit" your claim on the property. You give up your interest in the property.

A deed is a document where the person giving the deed (the grantor) transfers their ownership of the property to someone else (the grantee).

There are different types of deeds. With a warranty deed, the grantor is promising that their ownership of the property is clear and no one else has any claims of ownership. With a quit claim deed, the grantor isn't promising anything. They're just saying "I may or may not have clear ownership of the property, but any ownership rights that I might have I am now transferring to you."

If someone is giving you a quit claim deed then I strongly suggest that you get a policy of title insurance. That way you'll know if the grantor has clear ownership and the title insurance company will reimburse you if there are any other claims made.

Means the party involved is conveying any interest they have in a property, real or imagined. It is not a full and valid conveyance of the property "fee simple" rights.

A "quit claim deed" releases the person signing from any responsibility for the property. It also releases them from the ability to seel the property. Basically, you sign away all of your rights to the property.

Quitclaim deeds transfer or "quit" any interest in real property. the grantee cannot assume that the grantor has any real interest to convey. However, if the grantor were, say, married to the owner of the property, signing and recording a quitclaim deed in favor of the spouse would transfer any interest the grantor may have in the property to the spouse

A Quit-claim deed removes one or more parties from title (ownership) of the property.

A quit claim deed is a certain type of deed. It can do many things. It can transfer title when there is a divorce. But I have just very recently had a terrible experience with quit claim deed. I live in Minnesota, but I believe that quite a few states have this same statute. My husband & I had our house in joint tenancy (since 1982). In 2003 unknown to me. (And now I know that he did not have to tell me) My husband signed a quit claim deed from himself to himself (in other words he deeded himself). He then recorded the deed at our county courthouse. By doing this quit claim deed, he severed our joint tenancy. I no longer had the right of survivorship in our house. Of course, I didn't know this because by statute he did not have to tell me. My husband died in 2004. I went to the court house, I recorded an affivadit of survivorship. I did not file for probate, because I thought everything was in joint tenancy. I went in debt over $55,000 fixing up the house so it could be sold. I got an offer on the house. I accepted the offer. Only when the title company who was supposed to bring my abstract title up to date and told me that I could not sell the house, did I know that my husband had severed the joint tenancy with the quit claim deed. Because of what my husband did I only have 1/2 tenancy in common share of the house. I went to an attorney he called the attorney who did the quit claim deed for my husband. He said there was a new will giving my step-daughter my husbands 1/2 of the house. My husband gave me life estate in his part of the house. Then when I die the 1/2 of the house will go to my step-daughter and 1/2 to my heirs. I am deeply in debt because I did not have to be informed about this. I have verfied this with my state representative and more than 4 attorneys, and yes, a person can do this. I have no idea how I am going to pay these bills now. The closing of the house had been set for December 7, 2006. Today is the 8th. I am trying to still sell the house and give my step-daughter her share. But I can only do this by my step-daughter signing all the real estate agreement papers, etc., Because I have a life estate at this point, because of my age, etc., my step-daughter will get 1/4 of the net price of the house if she decides to sell the house with me (right now, my life estate is worth about 1/4 of my husbands 1/2 tenancy in common. Without her agreement, I will not be able to sell the house. I have life estate in the house, so I can chose to live here until I die. Or I can rent the house out. Or I can rent a room in the house out. My step-daughter can not interfer or come near the house until I die. However, I have to pay all upkeep, taxes, etc. on the house. If my husband would have wanted to he could have done that quit claim deed and willed anyone his part of the house. A sister, a brother, a girl friend. That is my new experience with quit claim deed and not a very pleasant one. Most people don't know about this quit claim deed way of severing joint tenancy. But believe me it can be used and it really hurt me. Both financially and mentally. Even though my step-daughter had the will and has been made personal representative of the estate (the only thing in the estate is the house), she neither told me about the will nor did start probate yet. Her attorney said she is waiting until the 3 year period is up so that it will cost less. At this point I don't trust my step-daughter or her attorney. If she does not accept selling the house and getting her share, I will open up probate and make her come forward with the new will. The only problem being is, that in this most recent will my husband wrote that if my step-daughter does not want to be personal represenative then he appoints me. I don't want to go through the expense and time for this. Messy, messy. Beckyartz

It means that you are either sharing your right of a property to someone or giving it completely.

i think it is a way to transfer the deed of your home over to someone else

Dont know you tell me!!!!

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.034
Copyright (c) 2011 Financial Crisis Tuesday, May 29, 2012 - Terms of use - Privacy Policy