What Is A Quitclaim Deed?
As with any kind of deed transfer, a quitclaim deed is a legal instrument used to transfer real property from a grantor to a grantee. Quitclaim deeds include no title of covenant and are therefore less comprehensive, providing the least amount of protection of all deed transfers. For this reason, quitclaim deeds are rarely used to transfer title between a buyer and seller of real property. They are often used in situations wherein trust between the grantor and grantee already exists, such as a transfer between family members.
For assistance drafting a quitclaim deed, reach out to the experienced team of attorneys at our NC law firm — Goosmann Rose Colvard & Cramer, P.A.
Contact us today to schedule a free, no-obligation consultation!
What’s The Difference Between Quitclaim Deeds & Warranty Deeds?
Quitclaim deeds primarily differ from other types of deeds in their lack of a title covenant. For example, the covenants of a general warranty deed offer guarantees to the grantee that the grantor has legal possession of the property, the right to transfer ownership of the property, that the title to the property is free of any legal encumbrances, and that the grantor will defend the property against any claims from another party in the future.
Because of this lack of warranty, the grantee of a quitclaim deed risks receiving a property they may not have any legal interest in, as there was no guarantee the grantor had any right to the property when transferred. For this reason, quitclaim deeds are generally used for property transference that involves no monetary transaction.
Common Uses Of Quitclaim Deeds
Quitclaim deeds are frequently used when there is a preexisting relationship between the transferor and transferee or if they are the same person. Quitclaim deeds are ideal for parties seeking a simple and inexpensive way to transfer property. Quitclaim deeds are often used to:
- Add a spouse to a property deed
- Remove an ex-spouse from a property deed
- Remove defects from a title
- Transfer property to a trust
- Gift property to a family member
- Update a deed after a name change
While these deeds may seem risky, they are convenient for time-sensitive property transfers, as they only require signatures on behalf of both parties and the notarization of the document to be finalized.
How We Can Help
While it is legal to draft and execute a quitclaim deed without an attorney’s aid, making a mistake when compiling such a document could cause a plethora of costly, time-consuming complications. The last thing either party of a property transfer wants is a simple mistake complicating an already tricky process. Our knowledgeable team of real estate lawyers can help you avoid harmful errors and provide a full range of legal services to assist you throughout the entire transaction process.
We’re here to help you draft and review any deed transfer paperwork, and ensure it’s executed in compliance with all the latest North Carolina state laws and regulations. Contact us today for a quick and easy property transfer!