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Quick Claim Deed AKA Quit Claim Deed

By: Gen Wright

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The world of real estate can be a confusing one. That's because there are so many different types of legal documents to handle. Legal documents are very important when it comes to real estate transactions. Huge amounts of money are involved, so it's always better to have all the details in black and white. In the event that there is a dispute, the aggrieved party may seek justice from legal courts.

A document that is not commonly seen in real estate transactions is the quick claim deed. The quick claim deed is not a sales contract. In real estate, it is the same thing as a quit claim deed. Both terms are used interchangeably to refer to the same document.

You might find the term "Quick Claim Deed" easier to remember because it spells out the primary function of the document. What the document does is to transfer all rights to the new owner. In legal terms, the details will appear as the grantor (party responsible for the property) is releasing all rights to the grantee (party receiving the rights).

Information included in a quit claim deed consists of all the names of parties involved in the transaction, the transaction amount, the location of the property, signature of witnesses, and the release of all rights, interest, and claims to the property.

As you can see, it is very easy to fill up a quit claim deed. The only reason why it is a rarely used document is because it does not offer much protection to the new owner. That is why the quick claim deed is often used for making a transfer of property rights from one family member to another.

One important aspect to look into is the mortgage of the existing property. When a quit claim deed is signed, it doesn't really free the owner from the existing mortgage. Some arrangements will need to be made for the payments to continue. For instance, the mortgage can be refinanced, with the new owner taking over all future payments.

When the document has been successfully completed, it should be recorded with the county. A copy is then turned over to the new owner. This is to help protect the grantee. When in doubt, always seek professional help from a qualified lawyer.

But if you are already familiar with the quick claim deed, you may wish to download the forms and use them immediately. Online downloads for professionally created forms are readily available. There is a small fee involved, which you will have to pay before you can proceed with the download. However, this fee is negligible when you consider the fees that a full-fledged lawyer may charge you.

Make sure that you read the instructions carefully after the download. All legal procedures have to be followed. Otherwise, the document may be void.

Article Source: http://depositarticles.com/

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