quit claim deed georgia This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you Pros and cons of using a quit claim deed. Following along are instructions in the video below:
“This is dave at titlesearchcom. Today. We re going to talk about the quick claim claim deed as a method of transferring property. And why it may or may not a good idea.
Just remember. This is not legal advice from an attorney. Just some observations from running title searches. And some of the disadvantages that we ve run into for some of our clients first of all a quitclaim deed.
As you probably know is a type of transfer which doesn t warranty any type of assurances from the seller or the grantor..
It simply says that i met transferring to you any rights. I have in this property. If i don t have any rights. Then you don t get any right so quitclaim deed is carries the least amount of assurances for the grantee or the buyer.
So for a seller. It s actually a good thing because you have to warranty that you own any the property. You don t have to warranty you re transferring anything for the buyer. It has disadvantages because you re not guaranteed of really receiving anything for example.
I could quit claim deed to you ownership in the empire state building..
But since i don t own any of the empire state building that quickly indeed while valid won t transfer. Any rights to you one reason. A quit claim deed is often used is inside of family members to either change names or to put a property from one family member to another there s a danger involved with that is in that the title policy or title insurance policy. Which may exist on that property might end at the time of transfer.
Most title policies. Only go to the current owners vesting in the property. Once it s changed to a different owner that title policy end so any protection from that title policy might be terminated for future owners. So.
If you re using a quickly indeed for a name change..
Then you may want to reconsider. Because that might not be worth ending your title policy. There are several recent court cases with quit claim deeds in terms of title policies. And some limitations.
One of them was first american versus 273 water street. That was a really landmark case they got into some limitations and considerations for using a quick claim deed. There s no warranty to the buyer on a quick claim deed that we know. But there are also maybe liability to the grantor if there was misrepresentation if the contract for example on a real estate transaction specifies.
There is a warranty or some guarantee of ownership and a quitclaim deed is used that grantor may have some liability may be able to be sued..
Again this is not legal advice. If you have questions about your specific situation contact a really good and qualified real estate attorney. If you need some title research would be glad to help you can reach us at our website at titlesearchcom. ” .
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