Scenarios That May Necessitate the Use of a Quitclaim Deed
There different forms of documents that can be used to aid the transfer of property interest. Warranty deed and quitclaim deed are some of the forms of the document that may be used. This article will dwell heavily on quitclaim deeds. Take a look on some of the conditions where the use of a quitclaim is ideal as you read on.
Firstly, a quitclaim deed is essential when adding the name of a spouse to the title of a property. The desire of a majority of couples is to co-own property after they are married. Most people regard this gesture as a show of love. There exist some importance in feelings of love from a spouse to a husband or wife. A person will feel comfortable if they are allowed to have interest on the property of their beloved spouse. Marriage will always grant a person the freedom to use the property owned by the spouse. A quitclaim deed help a married couple to prevent intrusion by third parties such as members of the extended family.
There exist some marriages that do not prevail when temptation arises. Disagreements may arise between married couples. For some reasons they may separate and eventually divorce. A person may lose interest in property that was previously co-owned if a divorce occurs. The name of the spouse that no longer have any property interest should be removed from the property title. One way of ensuring that the name of a divorcee is removed from the property title is through the use of a quitclaim deed.
The quitclaim deed is also useful when transferring a property to a child. It common to have the biological child of a person naturally taking the role of an heir. The law also grants an adopted child the right to inherit the property from a foster parent. Some parents allow their children to inherit major properties while they are still alive. The parent has the opportunity to surrender ownership to the child through the use of a quitclaim deed. Cutting down the expenses incurred in transferring property is possible through the use of a quitclaim deed. Unlike warranty deeds a lesser amount is spent for the property transfer. A quitclaim deed is of the essence when giving out gifts to other members of the family such as the siblings.
There is a possibility for business partners to engage in numerous transactions amongst themselves. More success in a business partnership is attributed to high trust between partners. Different things may cause a partner to surrender ownership of a particular property to another business partner. The quitclaim deed is also ideal when liquidating the assets of a partnerships.

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