As the potential new owner in a quitclaim transaction, it’s important to remember that you’re inheriting a title as is, which is why this transaction is less common than a warranty deed in a traditional sale and purchase real estate agreement.A Colorado (CO) Quitclaim Deed is a deed used to transfer property from one person to the next without any warranties as to the owner or title. Quitclaim deeds are a popular way to get real estate transferred between two trusted parties in a fast and efficient way. That’s not to say quitclaim deeds are uncommon or not needed, but they’re used in different types of transactions. You will likely use a warranty deed when you purchase your primary residence. Warranty deeds involve monetary compensation and legal clauses that protect the buyer against any liens or future title issues. It takes longer and is more formal than a quitclaim title transfer. It’s common in sale and purchase transactions and offers more protection to both the buyer and the seller. warranty deeds: what’s the difference?Ī warranty deed is another, more common way to transfer a title in real estate. Remember that quitclaim deeds may vary depending on your local laws. The mortgage is a separate document that the guarantor continues to be responsible for after granting the property to someone else, unless they’ve paid off their mortgage or there is a legal transfer of the mortgage to the grantee. It’s important to note quitclaim deeds do not directly affect a mortgage. The document is then filed at a local county clerk’s office. The form will be signed by both parties and requires a notary to legitimize the document. This usually includes the name of the grantor, the grantee, a description of the property, when you want the property transferred and other basic details specific to your transaction. To start, you’ll fill out a form for a quitclaim deed. If you’re looking to transfer the ownership of a property quickly between two trusted parties, you might want to use a quitclaim deed. These aren’t the only instances where you’ll see the use of a quitclaim, but they are the most common.
0 Comments
Leave a Reply. |