-A quitclaim is a fast and simple method used to transfer property ownership. However, it is not recommended in certain circumstances. A quitclaim deed is a legal instrument that transfers actual land ownership from one person to another. Quitclaim deeds are sometimes known as rapid claim deeds or quitclaim deeds since they are a quick means to transfer real estate.
What is an Interspousal Transfer Deed?
An interspousal transfer deed, also known as an interspousal transfer grant deed, is used to give one person in a marriage exclusive ownership of joint property, such as a house. They are frequently used in divorce proceedings to transfer shared property to one spouse.
A more equitable approach would be for the spouse still living in the home to agree to refinance under their name. Depending on the circumstances, this spouse can sell the property to offer the ex a fair equity distribution.
What is the Difference Between an Interspousal Transfer Deed and a Quitclaim Deed?
The primary distinction between an interspousal transfer deed and a quitclaim deed is that in the case of a quitclaim, the spouse who is giving up their stake in the shared property may still be liable for the mortgage or other debts linked with the property.
An interspousal transfer grants the transferee complete ownership of the property. Aquitclaim keeps the transferer accountable for any debts relating to the property, even if the transferer no longer has a residential interest.
Quitclaim deeds are often used in several scenarios. These include transferring property to one spouse as part of a separation, resolving uncertainty over inherited property, transferring property to or from a revocable living trust, and modifying how owners retain title to the property.
Quitclaim deeds are most commonly used when there is no money exchange between the parties or when the parties trust one other. Although quitclaim deeds are often brief and straightforward, be mindful that several states require specific clauses to be included in the deed itself.
Creating a Quitclaim Deed
A valid quitclaim deed form must be in writing. The document contains a legal description of the property in question, the county in which it is situated, the transfer date, and the grantor and grantee names. It must be included if a fee has been paid for the transfer. The grantor signs the paper, which is usually notarized.
Depending on the state, witnesses may be necessary. The grantee can also sign the deed in several states. Deeds of quitclaim are a quick and simple way to transfer property among family members or place real estate in a trust. They should not be used to sell real estate.
Endnote
A quitclaim deed is used to handover property without a traditional sale. If you and your spouse want to use this legal document to transfer property but don’t know where to start, Forms.legal has your back. We offer custom templates, which you can access anytime and begin creating your quitclaim deed .