Executing Quick Claim Deed for Property

What is a quick claim deed for property ?
A quick claim deed for property is a form of deed whereby a seller sells the property to the prospective buyer on behalf of the actual owner of the property. Here the seller is not the owner of the property but just like a caretaker who basically has the responsibility of selling it.

Risk associated with quick claim deed for property
However, there are some things which need to be considered as a quick claim deed for property doesn’t provide much warranty of the associated land. Since the original buyer isn’t selling the land, if there is a claim from their side in the future, you will not be covered for it. It’s not advisable to do a quick claim deed for property when you are doing it from an unknown person. It is always advisable to perform a search on property deeds information to assure of ownership. Once the sale is done, the buyer is at a significant risk because the actual owner isn’t the seller.
quick claim deed for property
Advantages of quick claim deed for property
The benefit of a quick claim deed for property is that it’s very simplistic and fast process compared to the usual property title deeds. It’s good for persons who want to surrender their interest in a property. It’s beneficial in cases where many people claim their interest from a family member who passes away and only the interest can be transferred to someone else. Even in cases of divorce, a quick claim deed for property is the ideal solution. A quick claim deed is not always a loss making procedure as it is up to you. Whenever selling or buying a property via a quick claim deed, do you side of research as to whether that property is not under a loan or any other court problems.

Never use a quick claim deed to avoid a foreclosure
Usually people take huge home loans for new houses and when they can’t repay it, they sell it via a quick claim deed for property. It may sound an easy way out but your obligations remain to be fulfilled and you cannot run away from it by a quick claim deed. In fact the bank will make its case stronger and sue you in the court as you have breached contract and thereby will be responsible to pay fine as well. If ever you try to sell off a mortgaged property by a quick claim deed for property automatically the “Due on Sale” clause will get activated and you will have to pay all the due’s immediately. Therefore, stay on the legal side and never use a quick claim deed for property when you are dealing with foreclosure.

Executing Quick Claim Deed for Property
5 (100%) 32 votes