Wipe data in the Quitclaim Deed

Aug 6th, 2022
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How to wipe data in the Quitclaim Deed

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So, welcome back. Im Ted Thomas. On this episode, Im going to cover how to get a clear title on a tax deed. Now, this is pretty advanced material so were gonna have to pay close attention. All right, how to get a clear title on a tax deed. Now Ive been involved in this business for over 25 years. Ive been guiding people and teaching people. Ive been through most of these things a number of times so a clear title is very important when it comes to selling the property because the new buyer is gonna want a clear title. So, this is kind of insider information. Ill give you other information about tax liens and deeds as we go along. But at this particular video, before I finish, Im gonna tell you 2 mistakes that are made at tax auctions. You dont want to make these mistakes because its going to cost you 25, even $50,000. So, stay tuned until I finish this short video and Im coming right back. Okay, this episode is all about how to get a clear title on a tax deed. Now, as you pr

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A quitclaim deed makes no assurance that the grantor actually has an ownership interest in a property; it merely states that if the grantor does, they release those ownership rights. Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members. Quitclaim Deed: What It Is and How It Works - Investopedia investopedia.com terms quitclaimdeed investopedia.com terms quitclaimdeed
What Is a Quitclaim Deed? Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name.
Downsides to a quitclaim deed The greatest risk to receiving property with a quitclaim deed is that you may not have a true right to the property title. The grantor might not own the property title at all, yet quitclaimed you the deed. Why Would Someone Use a Quitclaim Deed? - Policygenius policygenius.com homeowners-insurance policygenius.com homeowners-insurance
No guarantees to the new owner: A quitclaim deed doesnt come with any guarantees from the grantor. There are no assurances that the property is clear of liens and encumbrances, and the onus will be on the grantee to complete a title search if they want one.
A quitclaim deed does not automatically release you from the mortgage loan associated with the property. Until the original owner is officially released from the mortgage, that individual is still on the hook for payments and missed payments could affect their credit.
It can be used to release a nominal real estate interest as it can effectively transfer whatever interest the grantor has, regardless of its value. However, a quitclaim deed cannot be used to warrant that a title is valid since it does not guarantee the grantors ownership interest.
Pros and cons of a quitclaim deed BenefitsDrawbacks Quick and simple process. Doesnt guarantee property ownership. Can transfer property to a family member without going through probate. Rules can vary by state. Transfer is considered a gift, which can reduce estate taxes. Offers no protections for the recipient. Jul 6, 2023 What Is a Quitclaim Deed? How It Works - NerdWallet NerdWallet investing estate-planning NerdWallet investing estate-planning

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