Quitclaim deeds are another type. It is sometimes mistakenly called a quick claim deed. Specifically designed to convey any interest that the grantor might have in the property, quitclaim deeds are often used when a couple divorces and one party wants to deed the property to the other partner. In a divorce, one spouse sells the property and the other spouse signs a quit claim deed so that the buyer never has to worry about a dispute that emerges after the divorce is final. A quitclaim deed exactly what it sounds like. It allows a potential grantor to assure the grantee that he or she has quits any claim on the property. The operative words of conveyance are along the lines of "convey and quit claim".
The seller (grantor) and the buyer (grantee) can be individuals, corporations, or other entities. The appropriate description is accurately detailed in the deed document. The grantor must meet legal requirements, which vary from area to area. The typical requirements are that the person is competent to make the deal. Also, the deed must be signed by the grantor.
A security deed replaces a mortgage and is used when the owner borrows against the property and the lender requires an interest in the property. The owner keeps using the property but the lender has title to it until the loan is repaid.
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