Difference between revisions of "Quitclaim deed"
Jump to navigation
Jump to search
(add info) |
(add references section) |
||
| Line 7: | Line 7: | ||
*where a married couple is divorcing, and one spouse is quitclaiming his/her interest in the property to the other<ref>However, this does not relieve that party of any obligations under a mortgage.</ref> | *where a married couple is divorcing, and one spouse is quitclaiming his/her interest in the property to the other<ref>However, this does not relieve that party of any obligations under a mortgage.</ref> | ||
*The most common use is when a property is seized by a governmental entity for nonpayment of property taxes, and the entity sells the property to a third party. In this case, likely the buyer will need to initiate a [[quiet title action]] to clear title for marketability purposes. | *The most common use is when a property is seized by a governmental entity for nonpayment of property taxes, and the entity sells the property to a third party. In this case, likely the buyer will need to initiate a [[quiet title action]] to clear title for marketability purposes. | ||
| + | |||
| + | ==References== | ||
| + | {{reflist}} | ||
[[Category:Real Estate]] | [[Category:Real Estate]] | ||
[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
Revision as of 23:35, March 9, 2018
A quitclaim deed is a deed without warranty of title, where the seller (the grantor) sells to a buyer (the grantee) whatever interest, if any, the seller has in the underlying real estate.
Because there is no warranty, there is often little or no recourse if it turns out that the seller has absolutely no interest in the real estate whatsoever. As a result, mortgage companies will rarely, if ever, agree to a mortgage where the sale is via quitclaim deed.
Nonetheless, they are still common in certain real estate transactions, such as:
- gifts from one family member to another
- where a married couple is divorcing, and one spouse is quitclaiming his/her interest in the property to the other[1]
- The most common use is when a property is seized by a governmental entity for nonpayment of property taxes, and the entity sells the property to a third party. In this case, likely the buyer will need to initiate a quiet title action to clear title for marketability purposes.
References
- ↑ However, this does not relieve that party of any obligations under a mortgage.