A quitclaim deed is a legitimate way to transfer the ownership of real property from one person to the other. A Quit Claim deed may be termed as quick claim deed. They offer a fast way to make real estate transfers happen. Quitclaim deed form in Georgia is available online at Forms. Legal.
There are numerous ways to transfer real-estate title.
Warranty Deed. It is most commonly used when the property is sold to a third party in a real estate transaction. Warranty deed promises that:
The person transferring the property has a clear title to it.
He has the right to sell the property to any buyer.
The warranty deed includes compensations if there is anyone else who has the superior title to the property.
The deed also ensures that there are no liens on the property like pending mortgage payments, tax-lien, or creditor’s lien.
A title search is conducted when the warranty deed is executed. It checks the past deeds and the liens for the property. Thus it ensures that the seller has good title.
Title insurance is usually purchased during the sale to protect the new owner from title-related problems. These deeds are filed with the county after execution.
Quitclaim Deed. It can also be used for title transfers, but it makes no promises at all about the owner’s title.
The deed transfers the full interest of the owner in the property. But it only transfers what he owns.
For instance, two persons jointly own a property. One of them wants to transfer his interest to his family member. He can only transfer only his part of the ownership. Even if he signs a quitclaim deed to transfer property, he doesn’t own, and no title will be transferred. The reason being there is no real full ownership interest. Thus, a quitclaim deed can only transfer the title which the owner owns and not what he doesn’t.
Mortgage Isn’t Affected. Whether the title is transferred using warranty deed or quitclaim deed, only the title is changed. There is no change or affect the mortgage on the property.
It is an important consideration during separation. Even if one spouse uses quitclaim deed to relinquish his or her interest in the marital property, it doesn’t remove either spouse’s name from the mortgage and the responsibility towards it.
Uses of Quitclaim Deed
The most common uses of the quitclaim deed are when the property is to be transferred without the traditional sale.
Transfer between Family Members. When the property is being transferred amongst the family members, this deed can be used.
Parents want to transfer home to their children.
After marriage, when a spouse wants to add the other to the title.
During separation, when one spouse will keep the home.
If the property is being given to a living trust.
It is also used to clear the title of the property.
The deed transfer is done without the need for a title search or title insurance. It is quick and easy.
A quitclaim deed is never used for real-estate sales. The deed can’t guarantee the title and its validity.
Creating the Deed
Want to transfer title using a quitclaim deed? First fill the quitclaim deed form Georgia online. It includes description of the property, county location, transfer date, grantor and the grantee details. If the money transfer has taken place, its details will be included as well.
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