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Scenarios That May Necessitate the Use of a Quitclaim Deed
There different forms of documents that can be used to aid the transfer of property interest. Two of these documents are; warranty deed and a quitclaim deed. This article will dwell heavily on quitclaim deeds. Take a look on some of the conditions where the use of a quitclaim is ideal as you read on.
The first scenario is when the name of a spouse needs to be added to the title of a property. The result of most marriages is joint ownership of a property be it land or any other real estate property. This gesture is regarded by most people as a way of portraying your love to your spouse. Feeling loved by your spouse is imperative. If a person is granted the permission to have interest on the property of the spouse mutual comfort is generated. After marriage, the available property such as land may be available for use by either of the spouse. Married couples prevent other interested parties from intruding on matters concerning the ownership of a particular product.
There exist some marriages that do not prevail when temptation arises. Some of the marriages may be affected by a lot of disagreements that may come up. Separation between married partners may come up eventually leading to a divorce. A person may lose interest in property that was previously co-owned if a divorce occurs. Removing the name of the spouse from the title of the property may become necessary. The quitclaim deed helps in ensuring that the name of the spouse is removed from the title of a particular property.
The quitclaim deed is also useful when transferring a property to a child. In most cases, a biological child is always a rightful heir of a person’s property. Children who have been adopted acquires the right to rightfully inherit property from a foster parent. Some parents allow their children to inherit major properties while they are still alive. The quitclaim deed is imperative in situations such as these since it allows the parent to surrender interest on a particular property to the child nor children. The charges incurred when executing a property transfer are reduced greatly when a quitclaim deed is used instead of a warranty deed. Warranty deed cannot compare to a quitclaim deed since quitclaim deed involves lesser charges. This kind of document is also important when giving out gifts to your siblings or any other family member.
There is a possibility for business partners to engage in numerous transactions amongst themselves. Trust usually propel partnerships to greater heights of success. Different things may cause a partner to surrender ownership of a particular property to another business partner. The quitclaim deed is also ideal when liquidating the assets of a partnerships.

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