Quit Claim Deeds
In this section, we will go over what quitclaim deeds mean and how we at Divorce Mortgage Guidance can assist you during a divorce. We will also go over the consequences of signing a quitclaim deed and we will look into what a reversal of a quitclaim deed means.
What is a quitclaim deed?
Most of us most likely have never heard of a quitclaim deed before and only heard of it during divorce proceedings. So, a quitclaim deed can be explained as the following; a quitclaim deed is a document that is used to transfer your interest in a property to someone else; usually, this person is your spouse. With each quitclaim deed, there is always a spouse who is known as the Grantor and the spouse who will be known as the Grantee. A grantor is a person who is transferring their interest in the property. The grantee is the spouse who is receiving the interest or the spouse who has agreed to take ownership of the property in their name.
How is it used in divorce?
In a divorce situation, the grantor is the spouse who is leaving the home. The grantee is the spouse who has agreed to retain the property on their own or the spouse who has been awarded the home as part of the divorce settlement. During a divorce; spouses often use quitclaim deeds in the transfer of the real estate. It is important to remember a quitclaim deed has no warranties attached to it. So, that means you cannot claim anything about the property itself for example; the value, condition, or equity. This quitclaim deed simply transfers the interest that the grantor has in the property over to the grantee. A quitclaim deed does not mean that there is protection against any debts or loans that are on the property.
Can we prepare the quitclaim deed form?
A quitclaim deed is considered a legal document and therefore we recommend that you consult with us at Divorce Mortgage Guidance to draft the deed itself or have it reviewed by us before you agree to it. A quitclaim deed document needs to be completed correctly for it to be considered insurable. This is important because when a title of a home is insurable, it is clear and free from any problems. This can allow the grantee to finance or sell the property in the future. So, for all your legal documents, you can consult with us and our professionals will assist at a reasonable price.
Can a quitclaim deed be reversed?
Once a quitclaimed deed has been filed, it cannot be reversed easily. To get it reversed requires that your ex-spouse cooperates with you, this will mean that will have to agree to add your name back onto the title. If you felt that you signed the deed under some duress, the courts will need to get involved. We urge you to think carefully before signing or executing a quitclaim deed. Many things must be taken into consideration, and we can help you go through each option before a decision is made.
