Liens imposed by a court for an obligation of a prior owner.A mechanic’s lien (construction lien) representing an unpaid bill.A tax lien imposed by a government to recover unpaid taxes.An unpaid mortgage lien (and sometimes multiple home loans) remaining on the property.The search can uncover a range of claims against the property, such as: The recipient of a quitclaim can uncover title defects by having a title search done. Quitclaims can have unknown title defects. Should the Recipient of a Quitclaim Order a Title Search?Ī warranty deed says its grantor owns the property free and clear, and has the right to transfer it to another party. If you own real estate and are asked to sign a quitclaim to a business that says it can save your home or help you refinance, know that you are giving your real estate to someone else. If you are considering buying real estate, especially from someone you do not know, and they offer to transfer the property to you using a quitclaim, seek the advice of an attorney or title professional. Even if you can sue because of the presence of fraud, it is extremely difficult to recover a title that was wrongly transferred.īecause a recipient enjoys greater protection with a warranty deed than with a quitclaim, a quitclaim deed is usually used among parties who know each other, and have some familiarity with the property’s history. So, except in the case of quitclaim fraud, the grantee cannot sue if the grantor did not own the interest that the quitclaim purported to transfer. Preventing Fraud and AbuseĪs you see, the quitclaim deed carries no warranty. It does not guarantee the grantor legally owns the property. As a non-warranty deed, the quitclaim conveys only the interest the grantor has. Quitclaim, defined: A legal instrument that transfers an interest in real estate from one person or entity (grantor) to another (grantee). The recipient (the “grantee”) gets only the interest the grantor actually had - if any. Nor does it require the grantor to resolve those issues. If liens or other claims exist on the property, the quitclaim doesn’t expose those possible claims. This means no one is examining the chain of title to be sure the current owner (called the “grantor”) really has the right to convey the property. Unlike in a standard, financed home purchase, there is no required title search for a quitclaim. Just as the name suggests, with a quitclaim deed, one owner (or set of co-owners) quits their claim to the next title holder(s). How do you transfer a home from one owner to another? You’ll need to select a type of deed - a legal document that conveys a real estate title.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |