For property transfers taking place between family members, quitclaim deeds are often used to establish new ownership within the family. Because deeds are such an essential aspect of ownership, insurance, and property transfers, it is crucial to ensure that the information provided on the deed is accurate and clearly articulated. As you and your legal professional are preparing a quitclaim deed, it is important to bear in mind these crucial considerations in the process.
Marriage and Divorce
Quitclaim deeds are commonly used in circumstances of marriage or divorce, particularly when one party is added or removed from a title. Since both marriage and divorce involve the careful consideration of name-changes, it is crucial to ensure that any grantor-grantee names being added or removed from a title are accurately spelled. Additionally, marital statuses must be clearly defined to avoid any confusion surrounding new ownership of the property.
Ownership and Payments
While the main purpose of a quitclaim deed is to transfer ownership of a property, it is essential to also note that this transfer does not always result in a change of financial obligation to the property. Particularly in regards to mortgages and loans, a quitclaim deed does not necessarily remove or transfer financial obligations surrounding the property. This point is evident in quitclaims involving divorce, as the ownership of a property may be established to one person, with both parties remaining responsible for the loan at the same time.
Transfers to Children or Siblings
Similar to property transfers involving marriage and divorce, a quitclaim deed is a useful tool for establishing transfers to children of the property owners or between siblings. By establishing clear ownership of the property, confusion and debate between family members can be easily eliminated for the future.
Description of Property
A clear description of the property being transferred is essential to a well-written quitclaim deed. This legal description of the transferred property is also crucial for avoiding any confusion or misunderstanding surrounding the property for the future.
With the right legal assistance, you can more easily navigate the complexities of quitclaim deed requirements in your state and county. In working with a legal professional, you can ensure that your quitclaim deed includes all necessary pieces of information for a successful property transfer, saving you from further stress and confusion in the future.
Trust Jack Cooper Law for Your Deed Preparation Needs
If you are considering making a change to the Deed of your property, trust Jack Cooper, a Maryland Real Estate Attorney, for advice and professional assistance. Contact Jack Cooper Law today at 410-465-5822 or firstname.lastname@example.org.