Carl Glendon

What Are The Benefits Of Having A Quit Claim Deed?

General Quit Claim Deed is a type of legal document which is used by a person - known as the 'grantor' - gives up his right on the property. Such a deed generally comes with no warranty, but the grantor relinquishes his rights to a real estate property or piece of land, and grants the same to some other individual known as the 'grantee'. Find out about some of the top benefits of such a legal deed.

Foreclosure

When a property is in foreclosure, the grantor might be in an advantageous position with this deed. In such cases, all rights to the said property are given up by the grantor. In most cases, the property is relieved from any mortgage debt. When this document is signed, there is no guarantee from the grantor that there is no legal right of any other individual already on the property.

Ability to take payment responsibilities over

A quit claim deed blank form can grant you, as the grantee, to assume the financial payments of any property - either through refinancing on your own or by paying the amounts due in the past. It can be typically worked out with anyone who is foreclosing on the property or by working with the mortgage firm concerned. For more information about getting a quitclaim deed form in Connecticut, please visit this website.

Ability to get a property affordably

A grantee can generally get the property at an extremely affordable cost. There might not be any change of money in hands at all. Typically, however, a small sum is paid to the grantor. When property rights are foregone, one generally finds that he / she is not responsible any more for any property taxes or similar expenses in the past. In many cases, foreclosure occurring because of due property taxes or due mortgage payments in the past leads to the filing of such a document.

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Carl writes often about online legal drafting like affidavit, bill of sale and quitclaim deed forms to help the people. You can find his thoughts at general warranty deeds blog. Please visit this site to get a quitclaim deed form in Indiana.