We all know that we want to protect our assets, but many don't know how. One way is through a Quit Claim Deed.
What is it?
A Quit Claim Deed is an instrument in which someone transfers the ownership of the property to another person or entity without retaining any rights to the property. The deed does not have to be filed with the local land records office for it to be valid; however, this provides evidence of ownership and can help prevent future disputes between parties who may claim an interest in your home.
When to use it?
When you want to transfer ownership of your home or other real estates without retaining any rights, it is also appropriate when transferring property between divorcing spouses and, in some cases involving joint tenancy with the right of survivorship.
What are the benefits?
A Quit Claim Deed simplifies transfers for those who do not need certain legal protections afforded under a warranty deed (such as covenants restricting against future use). It can protect yourself from liability if you sell your house to someone else but retain an interest in it, like a mortgage lien or equity interest that doesn't include the title. You should review this by an attorney before executing this type of document.
What are the disadvantages?
A Quit Claim Deed may not provide any legal protection to a transferee if you retain an interest in property greater than your current ownership share, such as a mortgage lien or equity interest that doesn't include the title. You should confer with an attorney before executing this type of document.
How do I execute a quitclaim deed?
The process to execute this type of deed can differ depending on the state where it will file, so we recommend consulting with an experienced real estate lawyer for more information and guidance about how to proceed in your area.
Maine Quit Claim Deed Forms are available at forms.legal! You can download and print the format you need by filling out their easy online order form or calling to speak with a customer service representative for more information about which type of deed is best suited for your needs and why. We want to help make this process as convenient as possible. So please reach them if you have any questions about using an online quit claim deed form anywhere in Maine, what they mean, how it's different from other types of deeds, or anything related. You'll be glad that you did once they will walk you through everything involved!
