Should I use a Quitdeed to Transfer My Property?
A quitdeed can be used to transfer title and ownership of real estate. However, before we go much farther, it's important to know that the real legal term is "Quitclaim Deed" and not just Quitdeed.
A typical situation that could cause the need to transfer the title and ownership of your home may be a recent divorce. There may be a need to handle this matter quickly. Use of the Quitclaim Deed in this scenario the entire process of transferring the ownership rights of the home to an x-spouse would be quick and efficient.
This process is also used frequently to pass property rights from one family member to another.
f the thought of foreclosure is on your mind, then this might be the most important article you will ever read.
Here's Why:
There is a misconception floating around that needs to be addressed. If you are close to losing your home because you are behind on payments and foreclosure is just around the corner then using a Quitclaim Deed will free you of your loan obligation.
his notion is FALSE. Do not believe anyone that tells you that "you will be free of your mortgage or loan obligation if you quitclaim your property."
You might transfer the ownership rights on your property, however, If you were one of the original signers on the contract for the loan the lender will still hold you responsible for satisfying that obligation. Therefore, do NOT use this process if you intend to be free of the loan obligation.
This information also applies to transferring your ownership to a spouse that you just divorced. You can assign the ownership rights, but, if you signed the original loan document, you are still on the hook for the loan.
If you have read this far, then you have done your research, and you know that the Quitclaim Deed is for you.
There are three parts to the entire process. First, you must obtain a blank form and fill it out correctly. The document must contain vital information regarding the property description and the parties involved. After the legal instrument has been completed, merely visit a "Notary Public" and have all signatures validated. The final part requires filing the document with your local county recorder's office.
Finally, here is the cautionary part. Each state and local jurisdiction have their method and document requirements. Therefore, it's best to obtain the correct legal form for your specific state.
Quitclaim Deed Forms - for any state. Easy Step-by-Step instructions so you will NOT need an attorney to complete the Document.
It is important that you obtain a quitclaim deed created specifically for your state. The state being where the property is located. Many States have their own requirements pertaining to verbiage and structure of the form.
Should you need a little more hand-holding, we can prepare the entire document for you. You provide the required information, and we will complete the Quitclaim Deed and return it ready for your signature.
