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Scenarios That May Necessitate the Use of a Quitclaim Deed
Several documents may be used in the transfer of property interest from one person to another. Among these documents is a quitclaim deed and a warranty deed. The focus of this article is on a quitclaim deed. You will acquire more insight on the scenarios that may necessitate the use of a quitclaim as you progress with this reading.
The first scenario is when the name of a spouse needs to be added 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. People find this to be a way of showing love to their spouse. There exist some importance in feelings of love from a spouse to a husband or wife. If a person is granted the permission to have interest on the property of the spouse mutual comfort is generated. After marriage, the available property such as land may be available for use by either of 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. The couple may experience some disagreements between them. For some reasons they may separate and eventually divorce. In case of a divorce one person may no longer have interest in the title of a particular property. Removing the name of the spouse from the title of the property may become necessary. One way of ensuring that the name of a divorcee is removed from the property title is through the use of a quitclaim deed.
The quitclaim deed also has some essential importance during the transfer of property from a parent to a child. It common to have the biological child of a person naturally taking the role of an heir. Adopted children also acquire the right to inherit the property of a foster parent. A parent may wish to allow his or her children to inherit property while the parent is still alive. During such instances, the use of a quitclaim deed is the most appropriate way of passing the ownership rights to the children. The charges incurred when executing a property transfer are reduced greatly when a quitclaim deed is used instead of a warranty deed. The amount incurred when using a warranty deed is always higher than that involved when using a quitclaim deed. The other condition when this kind of document is ideal is when gifting family members such as siblings and parent.
There is a possibility for business partners to engage in numerous transactions amongst themselves. More success in a business partnership is attributed to high trust between partners. For some reason, one business partner may love to transfer the interest to another partner. During the liquidation of the assets of a partnership, a quitclaim deed may be used.

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