Carl Glendon

What Are The Pros And Cons Of Quit Claim Deed?

Transferring properties to new owners / heirs has never been any easier than with Quitclaim deeds. These are by far, the best ways to transfer title of the properties / assets without having to go through inevitable hassles that are inherently linked with wills and trusts.

If you take a close look at any quitclaim deed sample, you will see that the terms, conditions and sections are very basic and simple and are indicative of nothing but relinquishing of the property by the grantor and ownership details of the grantee.

The Advantages of Quitclaim Deed -

The advantages of quitclaim deeds are far too many which is the reason why they are here to stay. Some of the primary advantages are...

• Scratch basic process for title transfer which includes nothing more than a proper legal form, inclusion of basic details of the grantor and grantee followed by signature of both parties and witness. Quit claim deed templates are easily available with top online legal platforms, which can be used to create faultless documents without any professional assistance.

• Being nothing more than transfer of title, quitclaim deeds are free of heavy taxes that often accompany usual transfer of properties with wills / trusts. This is a massive relief to the grantees given the tangible cost advantage they can access through quit claim.

• Another cherished advantage of quit claim has everything to do with non transferable liens. This basically means that taxes, debts etc associated with the concerned property remains the responsibility of the grantor and does not get transferred to the new owner.

• Lastly, with quitclaim, lengthy and expensive probate court procedures can be successfully avoided.

On the flipside, quit claim deeds often need to be backed with general warrantee deeds given the fact that they do not offer any kind of guarantee on the property. This is also the reason why, it is best to accept quitclaim property transfers only among close family members and entities that are well known to the grantee. Please visit this site to get a quitclaim deed form in Alabama.

Author Resource:

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. To learn more about drafting a quitclaim deed form in Michigan online, visit this website.