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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. Two of these documents are; warranty deed and a quitclaim deed. 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. Allowing a spouse to have interest on your property makes him or her comfortable. After marriage, the available property such as land may be available for use by either of the spouse. Married couples prevent other interested parties from intruding on matters concerning the ownership of a particular product.
Some marriages do not survive until the death of the couples. Some of the marriages may be affected by a lot of disagreements that may come up. Separation between married partners may come up eventually leading to a divorce. In case of a divorce one person may no longer have interest in the title of a particular property. The name of the spouse that no longer have any property interest should be removed from the property title. Quitclaim deed becomes important during the removal of the name of a marriage partner who has since been divorced.
When transferring property from a parent to a child, the quitclaim deed is useful. It common to have the biological child of a person naturally taking the role of an heir. Children who have been adopted acquires the right to rightfully inherit property from a foster parent. Some parents allow their children to inherit major properties while they are still alive. During such instances, the use of a quitclaim deed is the most appropriate way of passing the ownership rights to the children. 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. The other condition when this kind of document is ideal is when gifting family members such as siblings and parent.
Between business partners a lot of transactions may be done. Trust usually propel partnerships to greater heights of success. 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.