What is a Quit Claim Deed?

What is a quit claim deed?

There are various ways to transfer a real estate title, and among the simplest is a quit claim deed. The person is literally quitting their claim to the property. Just because it’s the simplest method does not mean it’s the best, however, especially if you are the recipient of the property. That’s because the quit claim deed does not guarantee that the grantor – the person transferring the property – actually owns the real estate in question. The grantee, or person receiving the property, not only could end up with a worthless deed, but cannot sue the grantor if it turns out that individual did not own the property or owned only a percentage of the land or buildings. However, if fraud is involved, it is possible to sue the grantor on those grounds. That does not mean you should always avoid quit claim deeds, but it does mean you should do your research.

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Quit Claim Deeds after Divorce or Dissolution

Quit claim deeds convey the current owner’s rights in real property, if any, to new owners. The transfer may or may not include consideration (something of value, usually money). They are generally used to clear clouded titles, to settle boundary disputes between neighbors, or to make gifts of real property, and include no warranties of title for the new owners.

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Quit Claim Deeds and Continuation of Title Insurance

Provided by Matthew A. Quick, Esq., an attorney licensed in the state of Illinois.

Title insurance coverage is dictated by the terms of the policy issued by the title insurance company. In most, if not all, policies for title insurance there is a provision for “Continuation of Coverage” or “Continuation of Insurance.” Typically, this provision provides that the insurance will continue only so long as the insured holds an interest in the land or has liability by reason of warranties given in any transfer of the title.

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Quit Claim Deed – An Unrecorded Quit Claim Deed Can Still Be Valid

An unrecorded quit claim deed is still valid. While there is no time limit on recording a deed or recording required for a quit claim deed to be valid, record all deeds as soon after the transaction as possible. Failure to record a deed could render transfer or mortgaging of the property impossible and create numerous legal difficulties.

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