When a person releases his right, title or rights in a property in favor of another person, without any warranty, it is know as a Quitclaim Release (Non-real estate). Such transfers are applicable among family members, when their property is used in the business, settlement of divorce claims and offer of any property as gifts to another family members or close relatives.
The claim release is quite common in divorce cases, where husband releases the property or grants full property right to the wife. The transfer of the property title can be carried out through, Quit Claim Release Deed. By signing this document, the husband quit rights to the jointly held property and the property title is fully assigned to the wife. In this case the person transferring the title is known as Grantor (Husband) and, the recipient of the title is called Grantee (wife).
The transfer only proves the releasing of the claim held by the grantor. The deed also does not prove that he has any ownership title in co-ownership of the property or property is free from any debt or liability. The grantor also need not specify that, any third person also has right to the transferred property. There is difference of such warranty, from jurisdiction to jurisdiction. Thus, it is necessary for the grantee to investigate, through a lawyer about the jurisdictions and state requirements, details of the property and title ownership of the grantor.
The Grantor also should keep in mind that, once the title to the property is transferred and the Deed is signed, title remains transferred. By any chance, if he has any change of mind about the transfer and wants to revert back the transfer, it is not possible to prevent the rights or title transfer. Hence, it is essential that the person releasing the claim should think twice before signing the Deed.
You can download and print, Quit Claim Release Form from Internet for title transfer of your property.
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