A deed refers to the document, which transfers the interest of land from one party or individual (grantor) to other (grantee). It may also be identified as the real estate contract or agreement. The other name for the quick claim deed is the “Quit Claim Deed”. It basically transmits the interest of the grantor has in the piece of property to the grantee.
One of the basic disadvantages of this quick claim deed is that, if there are other individuals or entities related to the piece of property and they have not signed the deed, it does not affect their rights and those entities still have right on the property. Another disadvantage of this quit claim deed is that, the coverts transfer the property to the live interest. It is very difficult to undo the deed, until and unless the other party or entity is ready to do the same. It is not necessary that the real estate transferred is free; it can have liabilities on it.
However, in many of the cases, once the quick claim deed form is signed, the interests of the property are transferred at that very instant. It is the quickest and the most simplified way to transfer the interest of the real estate.
The quick claim deed form is also used in divorces. For example, when the house is not sold, then signing the quick claim deed is an important part. One person of the two should quitclaim his or her interest in the property, as in this case, the house.
The quick claim deed is also signed in case of the tax deed sales. When the property is up for the auction by the government who has no claim interest, but by selling the government recovers it taxes and transfers the interest to the buyer by signing the quick claim deed form.
This quick claim deed form or “quit claim deed form” consists of the following details:
â¢ Â Name of the grantor and the grantee.
â¢ Â Address of both the parties.
â¢ Â Details of the witness and their signature.
â¢ Â Date and location.
â¢ Â Signature of the grantor and grantee.
More online detail here : legal forms and quick claim deed form