The real estate industry makes use of a wide range of deeds and forms when it comes to managing property transactions. One such document that you may have heard of is the quitclaim deed. Also known as the quitclaim deed, the form is often used to manage real estate transactions that should be carried out in a short span of time. In a real estate transaction, the grantor transfers the rights of the property in question to the grantee. However, the quitclaim deed form does not strictly guarantee the transference of ownership between two people. This is why this type legal document has got certai0n specific user cases that you should be aware of. It is however essential to note that the quitclaim deed comes with certain benefits of its own. This is why plenty of people in Michigan prefer to use the quitclaim deed form when they need to transfer the property rights to someone else.
Standard uses of a quit claim deed
There are certain instances where the quitclaim deed is considered to be ideal. Let’s have a look at some of these cases.
- The main reason for using the quitclaim deed is that it helps to transfer a real estate property between close members of the same family. Hence the deed becomes useful when it comes to transferring properties between spouses or between parents and children, cousins, siblings and other intimately related family members.
- The quitclaim deed also comes in handy for adding and/or removing a spouse or a family member from the title. This can be due to a divorce or a marriage or some other reason. The quitclaim claim offers the flexibility needed to add or remove a spouse from the title of the real estate property.
- A quitclaim form can also help in effecting the name change of an owner. This actually happens more often than you might think. The quit claim deed can be used to reflect the name change once he or she has got the ownership of the property.
- The deed can help in ensuring the transferring of the legal property ownership to a corporate entity or an LLC.
- The quitclaim can also be used to transfer the rights of a property to a trustee, according to the estate planning strategy that you have.
- The quitclaim deed can also be used for removing clouds from the title for the purpose of title insurance. The clouds are basically the defect which may be present on the deed during the title search is carried out. As such defects can affect the ownership details, the insurer always advices clients to remove such defects prior to obtaining the title insurance.
Getting the quit claim deed form for your personal use
If you think that the quit claim deed form is suitable for your property dealings in Michigan, then you should collect a form for your real estate transaction. You can find a quit claim deed Michigan form easily from an online portal that offers different types of legal forms for free. Since these forms are drafted by experienced legal experts, you can be sure of the accuracy and reliability of these forms. These forms can be easily downloaded and printed and later presented in the court of law.
