
WI Form 3-2003 free printable template
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This is Dave Peregrine from titlesearch.com today answering questions about the quitclaim deed a lot of customers have inquiries about what a quitclaim deed is and how it affects their property title or have questions about should they use a quitclaim deed to accomplish a certain goal first understand the difference between the quitclaim deed and a regular property transfer deed most properties are transferred on a deed called a warranty deed and a warranty deed transfers of property with the seller or granter transferring the property with a warranty that they have ownership of the property to transfer to the other party on a quitclaim deed however the seller or granter does not necessarily have to own the property they're transferring now that might seem confusing if you don't own the property how do you transfer it well a quitclaim deed is transferring just whatever interest the granter happens to own on the property if they have a 10% interest that's what gets transferred if they own just a small claim on the property that's what gets transferred here's a good way to understand it I could sign over a quitclaim deed to you for let's say the Empire State Building now since I don't own any of the Empire State Building guess what that quitclaim deed would actually transfer it to you nothing however I could not execute a warranty deed to you for the Empire State Building because I don't own the Empire State Building it could not warranty that I was transferring property to you something else that's important to understand is the phrases quit claim EU I T not quick claim deed there are some individuals who look to use a quit claim deed to accomplish some goal like getting a property out of their name quickly or getting an asset out of their name quickly, or it could, it's possible that they want to avoid being identified or being found as part of property and that's where the word quick comes into the misunderstanding of what the phrase is because they're quickly trying to do something usually something that's a little sneaky as an investor you should always look carefully at quitclaim deeds if you see them on a property that you're taking interest in first question ask why was it used there's a few common legitimate reasons to use a quitclaim deed sometimes there's an error in the vesting on a property or the error in the spelling of a name and the parties will use a quitclaim deed to clarify the ownership and transfer it to the right name by the same token there's a high percentage of errors on quitclaim deeds they're usually done or more often done without professional assistance it's frequently a do-it-yourself type process somebody finds a form at Office Depot fills out a quitclaim deed in signs of property over also be aware that a quitclaim deed does not affect any liens or mortgages on the property they're still in place it just strips out any interest or ownership that that prior owner the granter had if you see a property that you're...
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