A lawyer for quitclaim deed prepares a document that helps to legally transfer real estate ownership from one individual to another. It releases an individual’s interest in a specific property without stating the nature of its claim or right. However, a quitclaim deed does not state or guarantee that the individual claiming the property possesses valid ownership. However, the document does prevent the individual, also called the grantor, from claiming an interest in the property later. Quitclaim deeds are often used when the grantor’s ownership is not in question, such as transferring property between family members or adding a spouse to the title.
A quitclaim deed comprises the property’s legal description (property’s boundaries, lot number, landmarks, etc.), the name of the individual transferring their interest, the notarized signatures of the involved parties, and a date. The best way to draft a quitclaim deed and move forward with its related legal proceedings is to approach a professional lawyer.
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What is a Quitclaim Deed Lawyer?
A quitclaim deed lawyer helps individuals to claim properties and convey them to the party who owns the property. The attorney enables a smoother transfer of interest from one individual to another. The quitclaim deed lawyer is the best resort for legal tasks, such as bequeathing property in the last will, transferring real estate, sharing properties with a business partner, or transferring property to a living trust.
What Does a Quitclaim Deed Lawyer Do?
Quitclaim deeds are easy mechanisms that help transfer titles in real property from one party to another. A quitclaim deed lawyer ensures that both parties consider all relevant issues to avoid undesirable consequences. Here are the roles and responsibilities of a quitclaim deed lawyer:
- Help individuals relinquish their interest in a property by transferring it to a grantee through a legal agreement.
- Enable legal transfer of an interest in a property to a grantee.
- Guarantee that the title of a specific property is free of third-party interests or debts.
Types Of Quitclaim Deeds
You will find multiple quitclaim deeds functioning in the US in present times, and the most common ones are mentioned below.
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Sheriff’s Deed
A sheriff’s deed grants ownership to a buyer for property purchased because of sales foreclosure. It comes to the rescue when the original property owner can no longer pay off the mortgage or home tax. A sheriff’s deed is issued to the successful bidder at a judicial foreclosure.
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Tax Deed
A tax deed enables governmental control over a property when the owner fails to pay property tax. It helps collect taxes by allowing the owners to sell the property without restrictions. Once the winning bidder pays the entire amount of back taxed owed, they are issued a tax deed.
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Divorce Deed
A divorce deed enables a spouse to have full rights and ownership of a piece of land or a house. The quitclaim also removes the other spouse from the title of the specific property and transforms everything into sole ownership. Oftentimes this happens after a divorce.
Why should I Hire a Quitclaim Deed Lawyer?
A quitclaim deed lawyer is a professional expert who can assist you with property transfer documentation and legal proceedings. Here is why you should hire a quitclaim deed lawyer:
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Add a Family Member to the House or Title of the Property
A quitclaim deed lawyer is the best resort when a grantor wants someone to be a grantee from their property. The grantee can be anyone, including a family member, friend, spouse, etc. The attorney can further help add the title for a house or property.
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Add a Person’s Name for Refinancing Purposes
An individual’s property may need refinancing in some cases. An investor paying a high mortgage for real estate can also claim a refinance through a quitclaim deed. So, a professional attorney can assist with legal proceedings in such cases.
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Transfer an Investment or Property into a Corporation or LLC
A lawyer dealing in a quitclaim deed can assist individuals who want to transfer any investment to an LLC or corporation. The attorney can help in an instant transfer of such investments to avoid any inconvenience.
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Transfer of Real Estate or Property into a Living Trust
Quitclaim deeds related to living trusts require sensitive information and documents that only a professional attorney can handle efficiently. It is because the documents are created in an individual’s life journey that requires zero errors or discrepancies.
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Change the Property from Joint Tenants to Sole Tenants
A quitclaim deed attorney can assist in changing a property’s title from a joint tenant figure to an individual one.
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Transfer of Property after Divorce or Separation
A spouse on the verge of separation or divorce must transfer interest instantly. A quitclaim deed lawyer can assist individuals in making the appropriate documents required to remove the other spouse from the property title.
What is the Fee of a Lawyer for Quitclaim Deeds?
An experienced professional quitclaim deed lawyer will charge around $300 to draft a legal document and record it for court cases. However, additional costs may apply for real estate transfer applications and recording fees. Moreover, quitclaim deed pricing is around $450, but big law firms may charge up to $2500 for such legal documents.
Key Terms Related to a Quitclaim Deed
Navigating legal documents and proceedings can be complex. However, you must know some key terms to assist your lawyer with drafting an efficient quitclaim deed that does not miss out on any amendment or provision. Here is a list of key terms related to a quitclaim deed you must know about.
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Bar Association: It is an organization of lawyers that promotes professional competence and enforces standards of conduct.
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Clear Title: It is the title of a real property that addresses the lawful ownership and is free from any claim or dispute.
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Closing: It is the final step in the transaction of real property. All insurance policies, documentation, and financing documents are signed and exchanged during the closing.
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Cooperative Housing: It is an association that owns a housing group and its common areas used by residents.
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Deed: It is a physical document that transfers the ownership of real estate from one particular party to another.
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Deed of Trust: It is a document utilized in a few states that pledges a real property to secure a loan.
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Defective Title: It is the title to a property that does not list the correct holder or includes incorrect details that were not made clear during the deed.
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Easement: It refers to the right of a particular party to use or access a property for specific purposes.
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Earnest Payment: It is a form of payment made during a real transaction to prove a buyer’s interest in acquiring the property.
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Encroach: It is the act of building a structure that infringes on somebody else’s property. Such instances may happen due to an incorrect survey of a particular property or the miscalculations of the owner.
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Equitable Lien: It is a court order put in place to prevent the unjust enrichment of a property owner.
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Escrow Agent: An individual or possible entity who oversees documents and funds related to real estate transfer.
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Estate: It is the money and property owned by a single individual or individuals.
Conclusion
A quitclaim deed is essential for transferring property ownership from one individual to another. The best part about the process is that it does not necessitate the need for a real estate agent. However, the parties involved must know what to include in the document, choose transactions, and evaluate rules related to state laws. That is why individuals must approach a quitclaim deed lawyer for such legal proceedings.
If you are on the verge of transferring your property ownership or title, visit ContractsCounsel now. You can post a project with your requirements and access contacts to some of the most professional quitclaim deed lawyers in town.
Source: https://tholansonnha.com
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