7/11/2023 0 Comments Quit claim deed loopholesA quit claim deed may be used here to transfer interest of the property to the relevant heirs. This involves going to probate court and filing the correct documentation to name an executor. The probate processes is a legal process in which the heirs of an estate have to go through to determine ownership. The special warranty deed is in most part similar to the general warranty deed, however it deals with warrants the buyer against only defects which might have risen during the seller’s period of ownership.ĭue to the fact that a quit claim deed offers no warranty, it is often used to add a person’s name to a property title, transferring property among family members, as well as other specialized cases. This type of deed is set up in a way which gives the buyer warranties from the seller due to loss incurred and claims by a third party. The general warranty deed ensures that the buyer is able to legally purchase the property in question. Basically it says “ I don’t know what title I have or how good it is, but whatever interest I have, I give it to you.” The quit claim deed can be used to transfer interest/ownership in real property from buyer to seller with no guarantees. The main difference between a quit claim deed and a general and special warranty deeds is the fact that the quit claim deed contains no warranty of title. There are 3 types of real estate deeds, namely, the quit claim deed, the general warranty deed, and the special warranty deed. You might be wondering what a quit claim deed is, well to understand what a quit claim deed is we need to first look at the different types of real estate deeds which are used to convey property from one person to another. Let us explore what a quit claim deed is and how it can be used to help you during foreclosure. Even if you are able to bounce back from the credit score, having a foreclosure on record could prevent you from getting another mortgage on a new house for several years to come. The second, is that it can damage your credit score immensely. The first, is that you will no longer have a place to live. There are two major problems which come with foreclosure.
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