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Could a quitclaim deed solve a family real estate dispute?

On Behalf of | Jul 6, 2021 | Real Estate |

A quitclaim deed is a quick, easy way to transfer real estate from one party to the other — and it could solve a thorny family dispute.

Quitclaim deeds are often used when siblings or other relatives inherit a property together and one party wants to divest themselves of the asset and take their share of the equity and the others do not.

What does the quitclaim deed process entail?

A quitclaim deed involves removing an individual’s stake in real estate. The transfer of the deed is generally simple and flows from the grantor to the grantee without much effort. The process of transferring the deed also moves much quicker than other deed processes. This happens because there are fewer contingency or warranty issues involved in transferring real estate this way since the “sale” of the property is usually handled without much outside involvement.

However, quitclaim deeds are not without their drawbacks. When someone uses a quitclaim to transfer their ownership interests, they are not making any warranty that the deed is free of liens or other encumbrances. They also only transfer their true ownership stake — and that may not always be entirely clear. The chances that real estate is free from contingencies or warranties when transferred via the quitclaim deed process are unknown. 

Should you involve an attorney in the process?

Real estate of any kind is a major asset for anybody to manage. Making a mistake with a quitclaim deed or when dividing up the equity in a home among its holders can haunt you financially for years to come. Working with an experienced advocate can help you spot potential problems and find solutions.