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Conditions Where the Use of a Quitclaim Deed is Appropriate
Property interest may be transferred from one person to another using different forms of document. Among these documents is a quitclaim deed and a warranty deed. Quitclaim deed is the main focus of this article. Take a look on some of the conditions where the use of a quitclaim is ideal as you read on.
Firstly, a quitclaim deed is essential when adding the name of a spouse to the title of a property. After marriage most couples prefer to co-own property that was previously owned by either the husband or the wife. Most people regard this gesture as a show of love. There exist some importance in feelings of love from a spouse to a husband or wife. A person will feel comfortable if they are allowed to have interest on the property of their beloved spouse. Marriage will always grant a person the freedom to use the property owned by the spouse. Intrusion on matters concerning ownership by third parties such as members of extended family is prevented through the use of a quitclaim deed.
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. The implication is usually a separation which may grow into a divorce. In case of a divorce one person may no longer have interest in the title of a particular property. It, therefore, becomes appropriate to remove the name of a spouse from the title of the property. Quitclaim deed becomes important during the removal of the name of a marriage partner who has since been divorced.
The quitclaim deed also has some essential importance during the transfer of property from a parent to a child. In most cases, a biological child is always a rightful heir of a person’s property. The law also grants an adopted child the right to inherit the 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. Cutting down the expenses incurred in transferring property is possible through the use of a quitclaim 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.
Business partners usually engage in a lot of transactions with one another. More success in a business partnership is attributed to high trust between partners. Different things may cause a partner to surrender ownership of a particular property to another business partner. During the liquidation of the assets of a partnership, a quitclaim deed may be used.

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