When Are Quitclaim Deeds Required?

Quitclaim deeds are deed agreements by which one person can transfer his or her interest in a property to another person. In the terminology associated with these deeds, the person who previously had the stake in the property is called the grantor, while the recipient of the interest is the grantee. Take note, however, that a quitclaim deed does not provide a warranty guarantee on the property that is transferred. Read on for a brief overview of when quitclaim deeds are required and how you can arrange for this type of deed to be made.

Divorce

If you and a spouse shared joint ownership of a home or other property, you may need to transfer part of the ownership of that property in the case of a divorce. Divorce is one of the most common causes of a quitclaim deed processing. It can be helpful in transferring the interest of one ex-spouse in a property over to the other ex-spouse.

Marriage

When two people transfer joint ownership of a property to one person's name, the same thing that be done to provide ownership to a person who has recently entered into a marriage. If one spouse previously owned property under his or her name only, the best way to add the other spouse's name to the title for the property is through a quitclaim deed as well.

Transfer of Interest

If the owner of a home or other piece of property still owns an interest in that property, that interest must be passed along to a new owner of the property if and when the property is sold. Therefore, if the seller has not given over the interest on a property by the time that he sells it to another person, he'll have to use a quitclaim deed or one of several other types of deeds to transfer that interest over to the other new owner of the property.

Subsequent Transfer of Interest

In some cases, a property owner may not transfer full ownership of a deed or property over to a new owner at the time of sale. In these cases, if the interest is to be transferred later on, a quitclaim deed can transfer the rest of the ownership over to the new owner.

Wills

Someone who is setting up a will or a trust can transfer their ownership or interest in a property over to a new recipient. This is useful to set up as part of a will prior to death. In these cases, a quitclaim deed is one of the easiest and best ways to transfer the interest over to the new owner of the property.

Quitclaim deeds can be negotiated with a real estate lawyer or other real estate specialists. Consult with a deeds specialist for additional information on how to deal with your property transfer.