What is a quit claim deed?

A quit claim deed is a legal document used in Michigan residential real estate law that transfers ownership of a piece of property without offering any type of guarantee to the new owner. This means that, unlike a warranty deed, the seller (grantor) cannot guarantee that they actually own the property and do not have any other claims on it. The seller is simply transferring whatever rights they have in the property to the buyer (grantee). For example, if the seller has a mortgage on the property, that mortgage does not get transferred to the buyer. It is important to note that while a quit claim deed will transfer ownership of the property from the grantor to the grantee, it will not provide any guarantee that the grantor actually owns the property, or if they have any other claims to it. Therefore, a grantee should review the source of title and consult with an attorney or title company to ensure that they are purchasing the property free and clear. In conclusion, a quit claim deed is a document used in Michigan residential real estate law to transfer ownership of a property from the grantor to the grantee without any guarantee or warranty of ownership. It is important to note that the grantee should complete a title search to ensure that they are purchasing the property free and clear of any other claims.

Related FAQs

What is the difference between market value and appraised value?
What taxes are involved in the purchase of a home?
What is dual agency in a real estate transaction?
What is a real estate lawyer's role in a real estate transaction?
What is a condominium’s bylaws and how can I obtain a copy?
What is the difference between a lease with option to purchase and an option to purchase?
What is a real estate broker’s fiduciary duty?
What are the legal requirements for purchasing a home?
What is the difference between a realtor and a real estate agent?
What is the difference between a real estate appraiser and an inspector?

What is a quit claim deed?

Related FAQs

Related Blog Posts