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damonster
Member since Sep 2010
498 posts

Quitclaim Deed


Does anyone know what exactly this is?






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BigBoyTiger
LSU Fan
Chicago
Member since Aug 2005
8741 posts

re: Quitclaim Deed


From what I understand it is not clean title but the person giving the title to you is stating that they believe it to be clean title.

ETA: I'm not a business law expert, however and may be wrong.



This post was edited on 1/13 at 6:29 pm


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Notro
LSU Fan
Alison Brie's Boobs
Member since Sep 2011
4194 posts

re: Quitclaim Deed


LINK
quote:

A quitclaim deed (sometimes erroneously referred to as a "quick-claim" deed) is a legal instrument by which the owner of a piece of real property, called the grantor, transfers his or her interest to a recipient, called the grantee.[1] The owner/grantor terminates (“quits”) his or her right and claim to the property, thereby allowing claim to transfer to the recipient/grantee. Unlike most other property deeds, a quitclaim deed contains no title covenant and thus, offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
17183 posts

re: Quitclaim Deed


Just reading this title made horrors of the bar exam come roaring back. Thanks.





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28606 posts

re: Quitclaim Deed


quote:

it is not clean title but the person giving the title to you is stating that they believe it to be clean title.


Close but not quite. It implies nothing about what the grantor believes. The grantor is saying "If I do have an interest, it now belongs to you." The recipient has no legal recourse if the grantor in fact didn't have title at the time, whether he knew it or not.

Usually this is only used when the parties involves personally know each other and don't want to pay someone to do a title search.






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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
15622 posts

re: Quitclaim Deed


Many RE investors use them to transfer the title of a property from their name to a business entity.





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Gr8t8s
Alabama Fan
Member since Oct 2009
529 posts

re: Quitclaim Deed


You'll also see these used in cases where a person "could" have a claim in a property, but doesn't actually have any. Sort of a catch-all CYA.

Essentially, someone is giving up their interest in a property, and transferring said interest to another person(s) in a "quick" manner.






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damonster
Member since Sep 2010
498 posts

re: Quitclaim Deed


The situation arose from me inheriting a piece of property. There was a trustee appointed to administer the trust after my aunt passed away some 15 years ago. The attorney's office that is involved in this called a meeting with all of the heirs to finally settle the disbursement of the property. There were many "parcels" of property that had been surveyed and appraised. Each heir was given a certain dollar amount that they were entitled to. Names were drawn out of a hat to determine each heirs choice of property. I drew first and received the first pick. I chose a parcel of property that was a little more than the amount that I had coming to me. I paid the difference in what I had coming to me and the appraised value of the parcel of property. Most of the people involved had no interest in coming out of their pockets for what they were entitled to, so most of them ended up with pieces of a parcel instead of the entire parcel like I had done. The attorney cashed my check and about a week later I called to see when I was to receive a deed to the property. He stated that it hadn't been filed at the courthouse yet because the trustee had to sign off on the transfer. This was a little over a month ago. This weekend I received a letter in the mail from the attorney's office stating that property was recently transferred erroneously to myself and the other heirs that wasn't in accordance with my aunt's trust. It goes on to say that to rectify this situation, a quitclaim deed is enclosed and should be mailed back to the attorney's office. After reading it, it is calling all of us heirs "vendors" and the trustee the "vendee." From what I've read in the above posts, it sounds like the trustee is wanting all of the heirs to give up their interest in all of these parcels of property. It seems to me like it should be the other way around. Since I have already paid for this property and the check has been cashed, what recourse do I have in being able to obtain a deed to this property? This has been a real cluster and it looks like it is going to get any better.





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Bear Is Dead
LSU Fan
Monroe
Member since Nov 2007
3349 posts

re: Quitclaim Deed


quote:

The grantor is saying "If I do have an interest, it now belongs to you."






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22407 posts

re: Quitclaim Deed


quote:

The situation arose from me inheriting a piece of property. There was a trustee appointed to administer the trust after my aunt passed away some 15 years ago. The attorney's office that is involved in this called a meeting with all of the heirs to finally settle the disbursement of the property. There were many "parcels" of property that had been surveyed and appraised. Each heir was given a certain dollar amount that they were entitled to. Names were drawn out of a hat to determine each heirs choice of property. I drew first and received the first pick. I chose a parcel of property that was a little more than the amount that I had coming to me. I paid the difference in what I had coming to me and the appraised value of the parcel of property. Most of the people involved had no interest in coming out of their pockets for what they were entitled to, so most of them ended up with pieces of a parcel instead of the entire parcel like I had done. The attorney cashed my check and about a week later I called to see when I was to receive a deed to the property. He stated that it hadn't been filed at the courthouse yet because the trustee had to sign off on the transfer. This was a little over a month ago. This weekend I received a letter in the mail from the attorney's office stating that property was recently transferred erroneously to myself and the other heirs that wasn't in accordance with my aunt's trust. It goes on to say that to rectify this situation, a quitclaim deed is enclosed and should be mailed back to the attorney's office. After reading it, it is calling all of us heirs "vendors" and the trustee the "vendee." From what I've read in the above posts, it sounds like the trustee is wanting all of the heirs to give up their interest in all of these parcels of property. It seems to me like it should be the other way around. Since I have already paid for this property and the check has been cashed, what recourse do I have in being able to obtain a deed to this property? This has been a real cluster and it looks like it is going to get any better.


Sounds like you need to find a good estate/probate/succession lawyer.






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damonster
Member since Sep 2010
498 posts

re: Quitclaim Deed


quote:

Sounds like you need to find a good estate/probate/succession lawyer.


This is what I was trying to avoid. This has been dragging on for like 15-20 years.






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Porker Face
Arkansas Fan
Downvote KING (-100+)
Member since Feb 2012
6881 posts

re: Quitclaim Deed


The grantor is giving the grantee any interest they have in the property.

I could sell you a quitclaim deed for 1600 Pennsylvania Avenue. It would be worthless since I don't own any part of that property

ETA: I see you have figured that out now



This post was edited on 1/14 at 2:08 pm


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28606 posts

re: Quitclaim Deed


quote:

I could sell you a quitclaim deed for 1600 Pennsylvania Avenue. It would be worthless since I don't own any part of that property


Not an OT baller.






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