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The Curious Bag
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A quit claim deed is a document used to transfer property from one person to another. It conveys the intent of one party to give up all rights to the property.
Uses
A quit claim is often used to shift property between family members. As a condition of divorce, one spouse might sign a quit claim to release all future interest in the family home to the other.
Validity
While a quit claim implies ownership, the property may not actually belong to the person signing the form. A quit claim does not guarantee that the person signing over the property actually owns it.
Signing
Anyone can ask you to sign a quit claim, and anyone who owns property can sign the document. However, it's a good idea to talk to an attorney before a quit claim deed transfer takes place.
Reversal
It's hard to reverse a quit claim agreement. The person who assumed the rights to the property would have to sign another quit claim, or the person who gave up the rights would have to prove that coercion was involved in the signing of the first agreement.
Mortgage Debt
A quit claim transfers ownership only. If the mortgage on the property is refinanced in the new owner's name, the old owner will no longer be liable for the mortgage.
Source:
Resource:
USLegal.com
North American Title Company
LawDepot.com Library
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