In certain situations, property owners attempt to move their interest in the property to another thing. A quit claim deed makes this possible, and this legal document demands minimal action on the part of both parties. Actually, a lawyer ordinarily prepares the paperwork, and the parties involved with the move only need to express in writing their interest in completing the transaction. Reversing a quit claim, however, can be much more challenging.
Function
A quit claim deed transfers interest in a property from a grantor to a grantee. Title is surrendered by the grantor. Sometimes, this gives the grantee complete ownership of their property, but the grantee is not guaranteed ownership rights. Another party, such as a mortgage creditor, may have a promise of land ownership. A mortgage does not be transferred by A quit claim deed. A grantor with a mortgage is still required to make the payments if she grants a right to ownership to another party.
Factors
Unless a quit claim deed is valid, it can be removed without arrangement between the 2 parties. Several steps must be taken prior to a quit claim deed can be valid. It has to be signed by the grantor. In most states, the deed must be signed by the grantee. A third party also has to sign the deed before it is valid. In most states, it has to be stamped by a notary public. Unless these steps take place, the deed is not valid, and it may be removed without any further paperwork.
Significance
A quit claim deed often is used to transfer ownership or interest in a property from one partner to another during divorce proceedings. A quit claim deed also is utilized to make sure that the seller of a property surrenders all rights to this property. The document is distinct from other contract documents signed by parties throughout the sale of a property.
Characteristics
Property owners often undergo a quit claim deed whilst arranging a living trust or an estate. This type of quit claim deed, however, does not lead to immediate transfer of this grantor's interest in the property. Instead, the grantor keeps a property, which provides that the grantor a complete right to get the property until departure. Only after departure is that the property transferred to a grantee, which might be a family member, a friend or a trust.
Withdrawal
Withdrawing a quit claim becomes considerably more difficult once it’s been deemed valid via the signing procedure. A quit claim can be reversed or undone only if the grantor and grantee agree on this action. The only way to stop the transfer of this property would be to prove that the quit claim deed is invalid. According to a report by the Northwest Justice Project, possible grounds for a deed being invalid would include being forced to sign it via dangers or outside pressure and being coerced to sign through lies told by the grantee. In most cases, you would need to employ an attorney.