Someone may need to file a quit claim deed when the transfer of property is a gift, or when a joint owner wants to transfer his interest in the property to the other owner, explains SF Gate. A quit claim deed does not warrant the title of the property.Continue Reading
There are times when a quick transfer of property is necessary, such as an ex-spouse transferring the property as party of a divorce settlement, or when a spouse is adding his new spouse to the property after a marriage. Parents can also use a quit claim deed to transfer property to their children, and estate planners may use quit claim deeds to transfer property to an heir or to a trust, explains SF Gate.
A quit claim deed does not guarantee the title to the property or the history of past ownership is correct, and it does not address any liens or other title issues that may come attached to the property. This means the grantor of the deed makes no promises that the property he is transferring is clear and free of any legal issues that may arise the next time the property is transferred or sold, explains SF Gate.Learn more about Real Estate