Conditions Where the Use of a Quitclaim Deed is Appropriate
There different forms of documents that can be used to aid the transfer of property interest. Warranty deed and quitclaim deed are some of the forms of the document that may be used. The focus of this article is on a quitclaim deed. You will acquire more insight on the scenarios that may necessitate the use of a quitclaim as you progress with this reading.
The first instance is when adding a spouse name to the title of a property. The desire of a majority of couples is to co-own property after they are married. This gesture is regarded by most people as a way of portraying your love to your spouse. It is essential that a spouse feels loved by the marriage partner. Allowing a spouse to have interest on your property makes him or her comfortable. After marriage, the available property such as land may be available for use by either of the spouse. Intrusion on matters concerning ownership by third parties such as members of extended family is prevented through the use of a quitclaim deed. Learn more about quit claim deeds, go here.
Some marriages do not survive until the death of the couples. The couple may experience some disagreements between them. The implication is usually a separation which may grow into a divorce. The interest of a person on a property that was previously co-owned may be lost due to a divorce. The name of the spouse that no longer have any property interest should be removed from the property title. The quitclaim deed helps in ensuring that the name of the spouse is removed from the title of a particular property.Take a look at this link https://en.wikipedia.org/wiki/Quitclaim_deed for more information.
When transferring property from a parent to a child, the quitclaim deed is useful. Ideally, the biological child of a person is normally a rightful heir of a person's property. Children who have been adopted acquires the right to rightfully inherit property from a foster parent. Some parents allow their children to inherit major properties while they are still alive. The quitclaim deed is imperative in situations such as these since it allows the parent to surrender interest on a particular property to the child nor children. Cutting down the expenses incurred in transferring property is possible through the use of a quitclaim deed. The amount incurred when using a warranty deed is always higher than that involved when using a quitclaim deed. The other condition when this kind of document is ideal is when gifting family members such as siblings and parent.
Between business partners a lot of transactions may be done. Most partnerships are always successful because of the trust that may exist amongst business partners. There are several reasons when a business partner may want to transfer ownership interest of a property to another partner. During the liquidation of the assets of a partnership, a quitclaim deed may be used.