What Is a Quit Claim Deed Mortgage?
Named very literally, a quitclaim deed is a means of”stopping,” or transferring, any interest in real property. A tool used in real estate, the quitclaim deed is one of many different types of deeds available. Representing the lowest strata of actions, the quitclaim deed is different from other actions in regard to the level of security and protection provided to the new buyer. Even though a quitclaim deed can’t assist in the transport of mortgage , quitclaim deeds may be used to transfer just property rights.
Employed more commonly by executors of estates or people dealing with actual property inherited by a decedent, quitclaim deeds indicate the present owner of property waives all rights he may have to that specific property. Chosen by different sellers of real property for varying reasons, quitclaim deeds prove to this new buyer the former owners absolves themselves of any future claims against the property. The new buyer has legal evidence he may delight in the house without interference by the former owner.
Carrying no covenants or guarantees, the quitclaim deed provides the least amount of security of all the deeds involved in the transport of property. The grantor creates no announcement nor implies possession of property becoming quitclaimed to the grantee. It signals the end of all rights from the present proprietor, whatever rights that the grantor possesses at the time the deed is delivered are conveyed to the grantee. If the grantor doesn’t have any interest, right or title to the property described in the deed, none is conveyed to the grantee.
Offering several assurances to the buyer, the wording of this quitclaim deed involves the grantor’s announcement to hereby remise, release and quit claim forever. Meaning primarily to renounce, the quitclaim deed spells out the activities to relinquish all ownership, interest or right. Remise means to give up any existing claim an individual may have, as does the term release. Acquiring any subsequent interest or right in the house, the grantor isn’t obligated to convey it to the grantee.
Deeds serve an extremely beneficial function in real estate. Situations often arise in which a person claims to have a partial or incomplete right or interest in a parcel of land. Known as a title defect or cloud on the title, this type of right or interest may have been because of an inheritance, dower, courtesy or community property right, or into a mortgage or from redemption due to a court-ordered foreclosure sale. By releasing that claim to the fee simple owner via using a quitclaim deed, the cloud to the fee owner’s name is eliminated.
Bringing the possibility for many unintended consequences, quitclaim deeds open a window of opportunity for fraudsters and people with less than honorable intentions. Illustrating just such an example, the grantor of a quitclaim deed does not necessarily have to possess name to the property of interest. Assuming the grantor of this quitclaim deed has legal rights of possession or the name to the property could pose itself to be an extremely costly mistake. Promoting their interest by way of a quitclaim deed, scam artists may lawfully sell a person their interest in any house in the usa, including the White House, when in fact the person has no legal rights to the house in any way, representing a sale of their 0 percent”interest” Dealing with a realtor and a real estate lawyer is the best way to safeguard oneself against fraud and deception.