Wednesday, April 25, 2012
Quit Claim Deed Procedure For Termination Of Rights To Real Estate
A quit claim deed is the processing of transferring one's real estate investment to someone else. Individuals may choose to use this document to show good faith between spouses or family members so that there is no argument about who the property belongs to. There are several instances that a person may choose to file this document.
If a wife and husband own real estate independent from one another than the spouse that wants to remove their claim over their partner's property would have to sign this document. Similarly, in the event of a death of a parent, two or more siblings may inherited the house. The siblings would sign this deed to turn over their rights to ownership to another sibling.
Another common reason for this document is in the case of divorce. When spouses have joint real estate, it is common for one of them to file this form to terminate their rights. Signing this document severs any right to profit that can come from the sale of the home. However, both spouses would still be responsible for paying any debt that had occurred on the property before the deed was filed.
Individuals can find this document at almost any office supply store. Filing this document requires a copy of all of the ownership details of the property in question. Once the document is complete than the party for whom the property is being given and the individual(s) who are signing over their rights to the property will need to sign the document in front of a Notary Public. Record of this deed must be filed in the county clerk's office. Before initiation of this deed individuals should verify the law regarding such forms in the state in which they live.
It is important when filling out this form to be sure that it is free of errors. Any misprinting or oversights could result in an invalid document, which will delay processing. It is also important to do ample research to be sure that everyone who has ownership of the property is accounted for, as the document is not legal without all necessary signatures.
A quit claim deed is different than other deeds that are often used in real estate, such as grant and warranty deeds. A warranty requires proof that the property is free of debt and that no one else has ownership, whereas a quit claim does not require such evidence.
Once the form becomes finalized than the party that signed over their claim to the property no longer has any legal rights. Regaining any ownership would require legal action and proof that the individual signed the document under some type of distress that would make the signature invalid. Therefore, it is important that individuals have done ample research and consulted with an attorney before filing the document.
A quit claim deed is used in instances where one or two parties want to sign over their rights of ownership over real estate to another person or persons. Individuals need to be detailed oriented when filing this form, using all correct spellings of names and making sure to answer all questions. Once the document is signed it becomes legal. Individuals will want to consult with professionals to ensure that they understand the ramifications for signing this form.
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Posted by Rene at 2:20 PM