What is a quit claim deed?

A quit claim deed is a type of real estate deed used in Alaska and other states to transfer property from one party to another. It is commonly used in residential real estate transactions as a fast and inexpensive way to transfer property. A quit claim deed provides no warranties or guarantees about the title or condition of the property being transferred. It is solely a release of any claims of ownership that the grantor has over the property. In other words, the grantor is "quitting" their claim to the title of the real estate. The quit claim deed needs to be signed by the grantor, notarized, and filed with the land records office at the county where the property is located. There may also be other local requirements that must be met. Once the deed is filed, the grantee will become the legal owner of the property. However, that does not mean that title to the property is clear, as the grantor may not have had good title themselves to the property. A title search should be completed to determine if there are any outstanding liens or mortgages, or if the grantor did not have clear title to begin with. Quit claim deeds are generally seen as a simple way to transfer property, but they are accompanied by risks and should not be entered into lightly. If you are unsure about the implications of a quit claim deed, seek legal advice from an experienced residential real estate attorney in Alaska.

Related FAQs

What is a principal residence exemption?
What is a security deposit in a real estate transaction?
What is a private mortgage insurance?
What is a short refinance?
What is a “due on sale” clause?
What documents should I review before buying a home?
What are the benefits of a home warranty plan?
What are escrow instructions?
What is the difference between a real estate appraiser and an inspector?
What documents should I keep when buying a home?

What is a quit claim deed?

Related FAQs

Related Blog Posts