Tuesday, April 27, 2010

What is Quit Claim?

A quit claim deed is one of the methods of legally transferring property ownership. They are most common with real estate transfers because they must have written verification and be a matter of public record.

Sign a quit claim to give someone else the right to use, or take possession of a piece of property.

A quit claim is only good if the party signing over rights actually owns the property in question.

Accept quit claim deeds with reservation. Make sure the property does not carry any other liens. When you take possession of property with a quit claim deed you also assume all other loans or encumbrances.

You no longer have any control or ownership of the property after signing a quit claim. You cannot take it back unless the other party turns it over to you with their own quit claim deed.

It is against the law to trick or force someone into signing over his or her rights to property. Theft by deception is a felony, as is forging someone's name on a quit claim deed.