Online Quitclaim Deed Information for real estate-Docs Creator

A Quitclaim Deed (QCD) is a deed used to transfer the interest in real estate contract from the owners (grantor) to you the investor (the grantee). While sometimes referred to as a 'Quit Deed' or 'Quick Claim Deed', both these are technically incorrect. The flexibility of a QCD makes it the most commonly used instrument in the foreclosure flipping industry. To be legally binding and effective you might have a signature of the grantors, legal description of property being conveyed, payment paid (consideration), and in many jurisdictions the signature of a Notary Public.

Quitclaim deeds can be used to:
Transfer real estate property into a trust.
Add a spouse as co-owner to real estate property.
Remove a spouse as co-owner to real estate property due to divorce or dissolution of marriage.
Add or remove a domestic partner as co-owner to real estate property.
Give away a timeshare estate located.

The goal is simple. Use the quitclaim deed to get yourself more time. Often, homeowners can not meet mortgage payments due to temporary circumstances. If you lost a job during the economic downturn, you can always get a new job some time down the road. The economy will recover after some time. It always has. So it makes no sense to make matters worse by letting the lender foreclose your home. That makes it even harder for you to recover from the crisis that you are already facing.

However, it is necessary to note that the quitclaim deed will not work in all circumstances. For example, if there is a "Due on Sale" clause that is included in the mortgage contract, the homeowner will have to pay off the mortgage upon transfer. Check with your lender to see if the clause applies to you. The quitclaim deed may be viewed by the lender as a sale, and the clause may be activated.

Then there may be scammers who are lurking round the corner, looking to take advantage of desperate homeowners. They attempt to trick the homeowner into believing that they can stop the foreclosure process, by transferring the rights of the property to a third party entity, such as a land trust or grant. In return, the homeowner has to pay the scammer rent to continue living in the house. However, all this while, the foreclosure process is still taking place.

When you consider the information above, it makes little sense to use the Quitclaim Deed Information to stop foreclosure. This document primarily exists to simplify the transfer process between family members. It's never meant to help homeowners avoid their financial obligations.

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