There are many different things to consider when selling or purchasing a home. Before committing to purchase a home, buyers look into a home's price, size and age as important factors. No less important is the particular type of deed being offered during a home sale. This does not even become a consideration for many people. Sometimes this is solely due to the inexperience of a buyer, but this isn't an excuse not to look into different deed types just as carefully as all other contributing elements in your home purchasing decision.
Different deeds come with different obligations to the original seller. Some absolve a seller of all or nearly all liability or responsibility after the home contract has been signed. If you are a buyer and the house is an older one with the potential for problems in the near future, this is not an ideal deed for you to obtain in most instances. Some deeds, on the other hand, offer more warranties and guarantees with which the seller must comply.
A quitclaim deed is thus the term describing a legal document where the home seller, or grantor, repudiates any interest in the property he or she once owned to the buyer, or grantee. More common deeds used to transfer ownership of real estate are grant deeds or warranty deeds. Quitclaim deeds, on the other hand, are more commonly used by family members transferring property between one another.
When a divorce occurs, so too does another common use for a quitclaim deed. A husband, for example, can grant his former wife a quitclaim deed to their formerly shared home, if he has agreed that his former wife should take full ownership of it. In transferring the property solely to his former wife, this would repudiate any interest he had in the property.
Quitclaim deeds are consequently the most basic of ways to officially transfer the title of your property. As a seller, you are less likely to incur any liability by executing a quitclaim deed. This is obviously not ideal for a buyer who will want some guarantees and warranties included in the deed, particularly if the home is older or not in pristine condition. Consulting a real estate agent and explaining your individual needs is a great way to ensure the most appropriate deed is executed for you as either a buyer or a seller.
Different deeds come with different obligations to the original seller. Some absolve a seller of all or nearly all liability or responsibility after the home contract has been signed. If you are a buyer and the house is an older one with the potential for problems in the near future, this is not an ideal deed for you to obtain in most instances. Some deeds, on the other hand, offer more warranties and guarantees with which the seller must comply.
A quitclaim deed is thus the term describing a legal document where the home seller, or grantor, repudiates any interest in the property he or she once owned to the buyer, or grantee. More common deeds used to transfer ownership of real estate are grant deeds or warranty deeds. Quitclaim deeds, on the other hand, are more commonly used by family members transferring property between one another.
When a divorce occurs, so too does another common use for a quitclaim deed. A husband, for example, can grant his former wife a quitclaim deed to their formerly shared home, if he has agreed that his former wife should take full ownership of it. In transferring the property solely to his former wife, this would repudiate any interest he had in the property.
Quitclaim deeds are consequently the most basic of ways to officially transfer the title of your property. As a seller, you are less likely to incur any liability by executing a quitclaim deed. This is obviously not ideal for a buyer who will want some guarantees and warranties included in the deed, particularly if the home is older or not in pristine condition. Consulting a real estate agent and explaining your individual needs is a great way to ensure the most appropriate deed is executed for you as either a buyer or a seller.
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