A legal review of a Quitclaim Deed Form can help you as the seller determine if the release of your asserted interest in the property meets your buyer’s needs. As it is a quitclaim deed there are no warranties of ownership and title insurance is not guaranteed. You should talk to an experienced real estate lawyer in Texas and your title company.
What Does A Quitclaim Deed Do?
A quitclaim deed is a way of releasing any interest in a property. There is no assurance that the person releasing has any interest. This means that the buyer cannot be assured they are gaining any ownership on completion of the form.
Whilst those wishing to release someone else’s interest may wish to use this option with some guidance from a legal professional, those selling properties usually want to determine if a warranty or non-warranty deed would be more appropriate. The language should be considered.
Will They Get Title Insurance?
Before agreeing to accept a quitclaim deed form in Texas you should ask your buyer to get a title search. Whether they can get title insurance depends on the title history, any defects found and the requirements of the underwriters. Be sure to obtain a copy of the requirements and see what exclusions are included in the policy.
Section 13.006 of the Texas Property Code means that from the fourth anniversary of recording a quitclaim deed (those recorded on or after September 1st 2021) some effects of quitclaiming are restricted. This does not mean that the buyer will gain ownership, remove any liens or have guaranteed insurance though. It only affects future buyers and creditors.
How Should I Prepare As A Seller?
Ensure that your lawyer verifies the correct parties, interests, legal description and any homestead or marriage issues. Ensure that it is properly executed and acknowledged and lodged with the county clerk in the area where the property is located. Check that you know the requirements for lodging locally.
Choosing the Right Legal Support
When choosing someone to assist you with a quitclaim deed form in Texas look for someone with experience in real estate in Texas, clear costs and working with the title insurance company. Who will check the current deed, search for any defects and produce any remedial documents?
Before setting any deadlines for your closing ensure you know the answers to any title insurance questions. If the buyer wants protection they will need an owners policy. The lender will also require a lenders policy. Be sure to check what is covered and what exclusions are in place.
Author Bio:-
Carl often writes about legal drafting, legal documents, legal forms, and legal agreements to help people who need them. You can find his thoughts at quitclaim deed template blog.
Top comments (0)