What exactly is a Quitclaim Deed?
Is it Quitclaim or Quick Claim? This seems to be confusing to a lot of people and we hear it often. We did a play on words when we named our company. The correct term is Quitclaim however, most people don’t understand what they are “quitting” so they think that they are “quickly” transferring property.
According to Law.com, a Quitclaim Deed transfers the ownership of property from the grantor (the giver or seller) to the grantee (receiver or buyer), without any guarantee that the grantor has an equitable interest in the property being transferred. In simple terms, anyone can sign a Quitclaim Deed on any property in the USA, whether they own it or not. Attorneys will often use them in a divorce situation or when family members that are currently in the title are being removed. Title and Escrow companies do not normally use the Quitclaim Deed because they do a Title Search on the property to determine ownership. They will use one of the following or a variation of it:
- Grant Bargain Sale Deed
- Grant Deed
- Warranty Deed, General Warranty Deed, Limited Warranty Deed, etc.
The above deeds warrant/guarantee that the grantor actually owns an interest in the property. When Title and Escrow companies see a Quitclaim Deed it often times causes them to do more research into the history of the transfer.
People call us all the time and tell us they want a Quitclaim Deed. In over 90% of the cases, the Quitclaim Deed is not the deed of choice. There are some circumstances where the Quitclaim Deed is the appropriate choice. We recommend that you consult with your legal and financials advisors to determine the appropriate form for your specific situation and state and local guidelines.
At Quick Claim USA, we follow the practices of a Title and Escrow company and use a Grant Bargain Sale Deed unless instructed otherwise by our client and/or their attorney. While we are on the phone with our client, we will review both the County Assessor and Recorders website and view the existing deed of record to see who is on title and in what manner they are holding title, i.e. vesting and marital status.
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Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.
