What Is a Quitclaim Deed in Texas?
Sometimes mistakenly referred to as a “quick claim,” the quitclaim deed is a legal instrument which has extremely limited value or use in Texas. Because of this fact, you should consult with a College Station real estate lawyer before accepting a quitclaim on any real property you are purchasing.
Three Types of Deeds
The three main types of deeds in Texas are the grant deed, warranty deed, and quitclaim:
- Grant deeds. A grant deed indicates that the real property in question has not been transferred to another person.
- Warranty deeds. These are the most useful of the three types of deeds, for an implied warranty against title problems is included in the language.
- Quitclaim deeds. The quitclaim deed is very simple and usually is no more than a page long. The only thing that the quitclaim does is to allow the seller to relinquish his interest in a real property, should he possess said interest. There is no guarantee that he does, in fact, have interest in the real estate.
It is important to note that, unlike the other two types of deeds listed above, rarely does anyone ever use a quitclaim in Texas to transfer title. For one, it offers no assurance that the title is free and clear. Because of this, any property that is transferred with a quitclaim is virtually uninsurable for 25 years. In fact, should you, as a prospective buyer, note that a quitclaim has been used on a real property you can conclude, with no small likelihood of being correct, that there are title problems associated with the property.
Use of a Quitclaim Deed
You may well wonder, then, what value such a deed possesses, and why and how anyone would use it. Despite its limited value, the quitclaim does serve a useful function in certain circumstances. For instance, a spouse may, during a divorce, sign over his or her interest in real property. It may also be used in certain probate issues arise regarding interest in a property held by an heir.
If You Would Like More Information on Quitclaims
As suggested, there are few uses for quitclaims in Texas, but they do have their place. For more information, or for assistance with any real estate matter, call a College Station real estate lawyer at Peterson Law Group: 979-703-7014. Peterson Law Group