There are many different documents that you will encounter as you go through the home buying/selling process. One document that may be used is a Quitclaim Deed. If you use that document as part of the transaction, it is important to understand what the document is and how it can be used.
This article from Redfin does a great job of explaining what a quitclaim deed is, why it may be used in your transaction and the pros and cons that come with the use of this document. Read the article and give me a call if you have questions or if you need help with any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: RedFin | Repost Houterloot 5/26/2022 -
You’ve been searching for houses for months and finally found the one you like. After making your way through the homebuying process, one of the final steps is ordering a title search and then have the seller execute the deed to the property at closing. This step legalizes the transfer of property ownership. Warranty deeds are most common in these transactions, but some home sellers might use a quitclaim deed. So what is a quitclaim deed?
Before learning about quitclaim deeds, it’s important to know what a property deed is and what they do. Whether you’re a first-time homebuyer in Chicago, IL, or you’re selling your home in San Francisco, CA, read on to learn about property deeds and when to use them.
What is a real estate/property deed?
Real estate deeds and property deeds are physical, legal real estate documents used in real estate transactions. They legally transfer ownership (interest) of real property from the current property owner/seller (the grantor) to a new owner/purchaser (the grantee). Typically prepared by a mortgage company, title company, or real estate lawyer, a deed contains a written legal description of the property and its boundaries and identifies the grantor and grantee parties.
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