Simple Information about Deeds
A deed is essentially a piece of paper. The deed transfers interest in land from one person to another. The person who is getting the property is called the grantee and the person who is signing to the property to the grantee is called the grantor. It’s a real estate contract. Legally, it must be signed by the grantor.
Quit claim deed is one type of deed .There are also another deed which is warranty deed. Warranty deeds are two types 1) special warranty deed 2) general warranty deed. The quitclaim deed transfers whatever interest the grantor has in the property to the grantee.
There is an important limitation to the quitclaim deed. Because it transfers the rights to the grantor, but it does not guarantee that the property is the grantee’s outright. . If there are several owners of the property and if others with an interest in the property do not sign the deed, then their rights will be unaffected by this document — they still retain their ownership. The signed quitclaim deed is a simple way to give up all interest in a property.
Quit claim deed is generally used to transfer property within family members and friends. This type of deed is widely used at the time of divorce too. Once spouse can easily transfer his or her share of property to the other spouse with the help of a quitclaim deed.
