A Quitclaim deed is a legal document that transfers interest in real property from one person to another, with no covenants at all. Use the Washington Quitclaim Deed document if: You are passing your rights in a piece of property to a spouse or ex-spouse. You are gifting your property to another person or family member.
How does a quit claim deed work in Washington state?
The Washington quit claim deed form gives the new owner whatever interest the current owner has in the property when the deed is signed and delivered. It makes no promises about whether the current owner has clear title to the property.
Why would someone do a quit claim deed?
Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name. They may also be used when a property transfers ownership without being sold, that is when no money is involved.
Is a quit claim deed bad?
If you’re in the market to buy a new house, understand that a quitclaim deed can expose you to all kinds of legal issues, ownership disputes and other headaches. By far the biggest downsides to this type of deed include: No protection from title defects. No guarantee of the grantor’s right to sell.
Does a quitclaim deed remove me from the deed?
Tip. A quitclaim deed can quickly remove you from a property’s title and terminate your ownership interests. A quitclaim does not however, remove you from the mortgage or the responsibility to make payments.
Is a quit claim deed legally binding?
Quitclaim deeds (sometimes erroneously called “quit claim deeds” or “quick claim deeds”) are legally binding documents that do not require a lawyer’s time to fill out and file. Obtain a blank quitclaim deed.
How long is a quitclaim deed good for?
In most states, there is a period of two years following the deed’s filing date during which the quitclaim deed can be contested. If either the grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.
Can my parents quit claim their house to me?
Yes, if we’re talking about real estate, your father can simply sign a deed transferring the property to you. When property is quitclaimed to you, your tax basis is the amount your father paid for it.
What is the difference between a quitclaim deed and a regular deed?
A quitclaim deed only transfers the grantor’s interests in a piece of real estate. It does not create any warranties on the title. A warranty deed contains a guarantee that the grantor has legal title and rights to the real estate. A quitclaim deed offers little to no protection to the grantee.
What does it mean to quick claim a property?
A quitclaim deed is a legal instrument that is used to transfer interest in real property. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
What happens to mortgage after quit claim deed?
In the event that the grantor has an outstanding mortgage on the property, he or she remains legally responsible for the mortgage even after transferring ownership through a quitclaim deed. The new owner will have the title of the property, but the original grantor will still be liable for the outstanding mortgage.