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The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
How does a quitclaim deed work in Michigan?
In a quitclaim, the grantoror person who transfers the propertytransfers the deed to the granteeor person who receives the property. However, unlike warranty deeds, a quitclaim deed doesnt guarantee you have a valid title, as it transfers only the part of the property the grantor actually owns.
Who benefits the most from a quitclaim deed?
Quitclaim deeds offer a quick, simple way to transfer property ownership, particularly between trusted parties like family members or spouses. However, they come with risks and limitations, making them unsuitable for many property transactions where the buyer wants full protection of their purchase.
Does a quitclaim deed give you ownership in Michigan?
A quitclaim deed does not make any promises that the seller owns the property or has clear title to it. A quitclaim deed only passes the interest in the property that the seller actually has, without any guarantee. The seller is not responsible to the buyer for a defect in the title.
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A deed of quit claim and release, of the form in common use, shall be sufficient to pass all the estate which the grantor could lawfully convey by a deed of
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