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Instances Where the Use of a Quitclaim Deed is Ideal
Property interest may be transferred from one person to another using different forms of document. Among these documents is a quitclaim deed and a warranty deed. This article will dwell heavily on quitclaim deeds. You will acquire more insight on the scenarios that may necessitate the use of a quitclaim as you progress with this reading.
The first instance is when adding a spouse name to the title of a property. The desire of a majority of couples is to co-own property after they are married. People find this to be a way of showing love to their spouse. Feeling loved by your spouse is imperative. Allowing a spouse to have interest on your property makes him or her comfortable. Marriage will always grant a person the freedom to use the property owned by the spouse. Intrusion on matters concerning ownership by third parties such as members of extended family is prevented through the use of a quitclaim deed.
Love between married couples may die out after some time. The couple may experience some disagreements between them. For some reasons they may separate and eventually divorce. The interest of a person on a property that was previously co-owned may be lost due to a divorce. The name of the spouse that no longer have any property interest should be removed from the property title. Quitclaim deed becomes important during the removal of the name of a marriage partner who has since been divorced.
The quitclaim deed also has some essential importance during the transfer of property from a parent to a child. Ideally, the biological child of a person is normally a rightful heir of a person’s property. The law also grants an adopted child the right to inherit the property from a foster parent. Children must not necessarily wait until the parents are dead so that they can inherit property. The parent has the opportunity to surrender ownership to the child through the use of a quitclaim deed. The charges incurred when executing a property transfer are reduced greatly when a quitclaim deed is used instead of a warranty deed. Unlike warranty deeds a lesser amount is spent for the property transfer. This kind of document is also important when giving out gifts to your siblings or any other family member.
Between business partners a lot of transactions may be done. Most partnerships are always successful because of the trust that may exist amongst business partners. There are several reasons when a business partner may want to transfer ownership interest of a property to another partner. During the liquidation of the assets of a partnership, a quitclaim deed may be used.

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