- Because quitclaim deeds are generally one size fits all, you don't need a lawyer to draw one up for you. Instead of incurring hundreds of dollars in legal fees, many quitclaim deed kits are available for purchase or download for less than $35, as of 2010.
- A quitclaim deed only transfers the grantee's share of the property to the grantor. This isn't an issue in instances where the property is owned by a single owner or when one owner is relinquishing a partial share to the other owner, as in the case of divorce proceedings. If ownership is convoluted or claims against the property such as liens exist, a quitclaim deed doesn't guarantee the new owner will be free of those complications.
- Completing a quitclaim deed is simple once you purchase a kit and provide the necessary information to complete the form. The grantor must sign the deed in the presence of a notary, and in a handful of states, the grantee must also sign the document. After it's signed and notarized, simply turn the deed into your county clerk to make the transfer official.
- It's a lot easier for criminals to fake a quitclaim deed on a property upon which they have no rightful claim. Investigate the legitimacy of claims of ownership if you have any doubts about the transaction before exchanging funds for the quitclaim deed.
- Quitclaim deeds' relatively nonspecific nature allows them to work in a variety of situations, from adding a spouse's name to property after a marriage or transferring property to a trust or a company.
- Once you complete and file a quitclaim deed, you no longer own the property, and in most cases, there is no recourse if you change your mind about the transaction. Although the grantor may use a quitclaim to transfer the property back to your possession, it's voluntary, and he can't be forced, save in instances of fraud.
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