Scenarios That May Necessitate the Use of a Quitclaim Deed
There different forms of documents that can be used to aid the transfer of property interest. Two of these documents are; warranty deed and a quitclaim deed. This article will dwell heavily on quitclaim deeds. Take a look on some of the conditions where the use of a quitclaim is ideal as you read on.
Firstly, a quitclaim deed is essential when adding the name of a spouse to the title of a property. The desire of a majority of couples is to co-own property after they are married. This gesture is regarded by most people as a way of portraying your love to your spouse. It is essential that a spouse feels loved by the marriage partner. Allowing a spouse to have interest on your property makes him or her comfortable. Marriage will always grant a person the freedom to use the property owned by the spouse. Intrusion on matters concerning ownership by third parties such as members of extended family is prevented through the use of a quitclaim deed.
There exist some marriages that do not prevail when temptation arises. Some of the marriages may be affected by a lot of disagreements that may come up. The implication is usually a separation which may grow into a divorce. A person may lose interest in property that was previously co-owned if a divorce occurs. Removing the name of the spouse from the title of the property may become necessary. The quitclaim deed helps in ensuring that the name of the spouse is removed from the title of a particular property.
When transferring property from a parent to a child, the quitclaim deed is useful. It common to have the biological child of a person naturally taking the role of an heir. Adopted children also acquire the right to inherit the property of a foster parent. A parent may wish to allow his or her children to inherit property while the parent is still alive. The parent has the opportunity to surrender ownership to the child through the use of a quitclaim deed. The charges incurred when executing a property transfer are reduced greatly when a quitclaim deed is used instead of a warranty deed. Unlike warranty deeds a lesser amount is spent for the property transfer. The other condition when this kind of document is ideal is when gifting family members such as siblings and parent.
Business partners usually engage in a lot of transactions with one another. More success in a business partnership is attributed to high trust between partners. Different things may cause a partner to surrender ownership of a particular property to another business partner. Since the transfer may not constitute a sale of property, the use of a quitclaim deed is appropriate.
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