When a person assigns their right, title or rights to a property in favor of another person, without any guarantee, it is known as a Quitclaim Release (Non-real estate). Such transfers are applicable between family members, when their property is used in business, divorce claims resolution, and offering of any property as a gift to other family members or close relatives.
The release of the claim is quite common in divorce cases, where the husband surrenders the property or grants full property rights to the wife. The transfer of the property title can be made through the Waiver Claim Release Deed. By signing this document, the husband renounces the rights to the joint property and title to the property is assigned in its entirety to the wife. In this case, the person transferring the title is known as the grantor (husband) and the recipient of the title is called the concessionaire (wife).
The assignment only accredits the release of the claim held by the grantor. The deed also does not prove that you have any deed of ownership in co-ownership of the property or that the property is free from any debt or liability. Nor does the grantor need to specify that any third party is also entitled to the transferred property. There is a difference of this guarantee, from one jurisdiction to another. Therefore, it is necessary for the grantee to investigate, through an attorney, the jurisdictions and state requirements, property details, and the grantee’s title.
The Grantor must also take into account that once the title to the property is transferred and the Deed is signed, the title remains transferred. By chance, if you have any change of mind about the transfer and want to reverse the transfer, it is not possible to prevent the transfer of rights or title. Therefore, it is essential that the person releasing the claim think twice before signing the deed.
You can download and print the Internet Claim Waiver Form to transfer title to your property.