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Conditions Where the Use of a Quitclaim Deed is Appropriate
There different forms of documents that can be used to aid the transfer of property interest. Among these documents is a quitclaim deed and a warranty deed. This article will dwell heavily on quitclaim deeds. Take a look on some of the conditions where the use of a quitclaim is ideal as you read on.
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. This gesture is regarded by most people as a way of portraying your love to your spouse. It is essential that a spouse feels loved by the marriage partner. Allowing a spouse to have interest on your property makes him or her comfortable. A person obtains the right to use the property owned by a spouse after marriage. Married couples prevent other interested parties from intruding on matters concerning the ownership of a particular product.
Love between married couples may die out after some time. Some of the marriages may be affected by a lot of disagreements that may come up. For some reasons they may separate and eventually divorce. The interest of a person on a property that was previously co-owned may be lost due to a divorce. It, therefore, becomes appropriate to remove the name of a spouse from the title of the property. 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 is also useful when transferring a property to a child. Ideally, the biological child of a person is normally 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 parent has the opportunity to surrender ownership to the child through the use of a quitclaim deed. Cutting down the expenses incurred in transferring property is possible through the use of a quitclaim deed. Unlike warranty deeds a lesser amount is spent for the property transfer. This kind of document is also important when giving out gifts to your siblings or any other family member.
Between business partners a lot of transactions may be done. Most partnerships are always successful because of the trust that may exist amongst business partners. There are several reasons when a business partner may want to transfer ownership interest of a property to another partner. The quitclaim deed is also ideal when liquidating the assets of a partnerships.

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