If you want to transfer the property ownership to an unknown person legally, you would need a warranty deed. It gives a guarantee that you own the property and can transfer the title to another person. However, when you transfer the property to someone you know personally, like a spouse and relative, you might have to use a quitclaim deed instead.
What is a Quitclaim Deed?
It is a deed used to transfer the ownership of the property from the grantor (the person who owns the property) to a grantee (the new property owner) without any warranty. It also means that the deed does not protect the grantee from the risks once they become the legal owner of the property. The grantor of the quitclaim deed can not be held liable for issues that may arise. So, what a quitclaim deed doesn’t guarantee?
- For instance, the deed doesn’t prove that the grantor legally owns the property and can transfer the ownership.
- It doesn’t guarantee that there are no property claims, liens, zoning law issues etc., on the land.
Then what does the deed guarantees? The answer is nothing. The deed has no guarantees for the grantor or grantee.
For instance, you are interested in getting the home of your close relative. As a grantor, he has provided you with a quitclaim deed. However, you come to know that he is not the real owner of the property title. It would mean that you are planning to move into a home that is owned by someone else. As the grantor is not liable, you would be in trouble again.
When it comes to transferring home ownership, the quitclaim deed offers the least amount of protection for the grantee. Because of it, a quitclaim deed is usually recommended when two people transferring ownership know each other personally.
How to Create a Quitclaim Deed?
If you are considering a quitclaim deed for ownership transfer, the process is simple. You don’t need a lawyer, and you can find a quitclaim deed form online. You need to fill out the form and also include the necessary information about the transfer. It includes the property address, the date of title transfer, and the grantor and grantee’s names.
Quitclaim deed form Texas is available at the leading legal forms site. Fill in the details and sign it to make it valid.