Hello, this is Dave at titlesearch.com. Today, we're going to talk about the quit claim deed as a method of transferring property and why it may or may not be 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 encountered 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 am transferring to you any rights I have in this property. If I don't have any rights, then you don't get any rights. So, a quitclaim deed carries the least amount of assurances for the grantee or the buyer. For a seller, it's actually a good thing because you don't have to warranty that you own the property. You don't have to warranty that you're transferring anything. For the buyer, it has disadvantages because you're not guaranteed to actually receive anything. For example, I could quitclaim deed to you the ownership in the Empire State Building, but since I don't own any of the Empire State Building, that quitclaim deed, while valid, won't transfer any rights to you. One reason a quitclaim deed is often used is within family members to either change names or to transfer a property from one family member to another. However, there's a danger involved with this as 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 owner's vesting in the property. Once it's changed to a different owner, that title policy ends. So, any protection from that title policy might be terminated...
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Ca Interspousal Transfer Grant Deed Form: What You Should Know
In a real estate transactions, one or more partners may be included as tenants-in-common in a parcel of land. The tenants of a tenant-in-common are often entitled to the benefit of the tax deductions and exemptions available to a separate party in a real estate transaction. In this sense, a partner is a tenant-in-common (a member of the co-ownership group) and will generally pay the same amount of taxes as a separate tenant, and may therefore qualify for an exclusion.
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