Real estate can be complex, with many former owners, lien holders, and other people all having a valid claim to the same property. In most cases, sellers will have to provide a warranty deed, protecting the buyer from any defects in the title that might emerge later. A quitclaim deed, on the other hand, can be a helpful tool for transferring ownership quickly and easily. Before filing, it’s important to understand its features and when they might be most useful.
Transferring Ownership Without Warranty
A quitclaim deed is a fast and easy way to transfer your ownership of a piece of property to someone else. However, unlike other types of legal instruments, it doesn’t provide any protection for the buyer if another claim emerges later. So, if you’ve acquired a house this way, only to find out that the county has a tax lien against the property, you won’t have any legal recourse against the seller.
When Quitclaim Deeds Are Useful
While quitclaim deeds may not be the best choice when selling a house, they can help in a variety of other situations. For instance, if you’re surrendering your right to your home as part of a divorce settlement, filing the document can spare a great deal of time and money. It can also be used to settle competing claims on the property. Once the other parties have supplied these papers, you can then file for a warranty deed with additional protections.
Whether you’re filing for divorce or need help preparing a quitclaim deed, the legal document preparation experts at We The People of NY can help make the process faster and easier. They’ve been helping New Yorkers in and around Manhattan for over 25 years, earning a reputation for fast service and pinpoint accuracy. Visit their website or call (212) 633-2200 to schedule an appointment, follow their Twitter for more tips and advice, or drop by their storefront on W. 14th St. anytime.