Hi! My name is Richard Whitford from the realestatedealer.com and I want to thank you for watching this video. And today’s video, we’re going to talk about what is a Quitclaim Deed . Despite with how many people referred to this document, many people purchase this document as a quick, Q-U-I-C claim deed. What actually is the correct term for this quit Q-U-I-T claim deed.
Before going to further let me first read the definition of a Quitclaim Deed as posted on Wikipedia.com. A Quitclaim Deed is a term used to describe a document by which a person, who is a guarantor of the person given the document, disclaims any interest in the guarantor-- the guarantor may have any piece of real property and passes the claim over to another person which is the guarantee which is a person received the document. A Quitclaim Deed neither warrants not professes that the guarantor’s claim is valid.
So, basically what a Quitclaim Deed says is, I don’t’ know what rights I have in a piece of property, but whatever rights I have in a property, they're yours. A Quitclaim Deed is frequently used between family members, husbands, wives, wives, husbands. In the cases of divorce or if a parent is given a property or to a-- you know to children or you know what the case maybe is you know it transfers a property between family members. It's also used to give gifts, placing personal property to a business entity to eliminate clouds on title and to in other special and unusual circumstances.
So, that’s basically what a Quitclaim Deed is, is that I don’t know what rights I have in a property but whatever rights I have, they're yours. So is guess you know someone can go out and you know go and give someone a Quitclaim Deed for the statue of liberty. Or you know some other landmark because what they're saying is I don’t know what rights I have in this property but whatever they are, they are yours. You know when we using a quit claim, they are basically saying that they don’t know what leans on the property, what income persists there maybe in the property, rights of way, that sort of thing. Whatever rights I have in this property, I'm transferring those rights over to you and that’s basically what a Quitclaim Deed is.
A Quitclaim Deed is different from a warranty deed which you know we’ll talk about it in another video. And by the way, take a moment to comment on this video in the comment section whatever our video, I'm not sure what website you’re using. Also, if you're interested in receiving leads to fantastic real estate deals, feel free to go to our website at the realestatedealer.com, view the link that you’ll see at the bottom of the screen.
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