Tuesday, August 23, 2011
Quit Claim Deed Primary Facts
A warranty deed is usually required in case you sell some of your properties. This document provides your potential buyers some sense of assurance on the properties that they plan to buy since a warranty deed is a legally binding evidence about your ownership claim of the property which you are subjecting for sale. But, what if you are are faced with a scenario that you do not have with you a warranty deed. Is there still a chance to sell the properties to buyers?
Fortunately, yes. You can still deal your properties even in the absence of a warranty deed. This can be substituted instead by what is called a quit claim deed. Basically, a quit claim deed is a legally binding instrument which guarantees that you are allowed to sell the properties in accordance to the existing laws. This also gives prospective clients that they are dealing with a legal seller.
Quit claim deeds are often used in circumstances like owning a property through marriage or inheritance. This legal document contains the name of the seller and buyer, the worth of the property as duly decided upon by both parties, the location, and the legal annotation on the rights over the properties. This legal document should bear a notarial seal and the necessary signature, which are must requirements. Of course, affixed signatures for both the seller and buyer should be present.
The process today of dealing properties is a bit easier than before. Decades ago, disposing properties without the required warranty deed used to entail a long period of time. With the use of quit claim deed, you have higher chances of disposing your properties in exchange of the amount favorable to you and the seller.
Before selling your properties, make a point to comply with all the necessary requirements. Meanwhile, for the seller, do not forget to ask for legal documents that would serve as a guarantee of the legitimacy of the transaction.
Article Source: http://EzineArticles.com/1793607
Posted by Anonymous at 5:36 PM