When you want to transfer ownership rights in a piece of real property from one party to another, there are different legal instruments to use depending on the situation. There are also many requirements that may exist for a transfer–for example, in most cases, a purchaser wants to make sure that the title is clear. A clear title means that the title is free from any liens, encumbrances, or other ownership interests so that the entire ownership of the property can be transferred and the purchaser will legally own all of the land.
Real estate can be complicated, however, and in many situations, a title may not be clear. Additionally, if property has been transferred several times within a family or transfers have not been recorded correctly, an owner may be unsure whether or not they even have full ownership in the property. If you do not know whether you fully own the land, you cannot legally transfer full ownership to another party.
Being unsure of the exact nature of your ownership rights does not mean you are stuck with the property forever, however. A legal tool called a “quit claim deed” can help you transfer the property without having all of the information that would normally be required in a real estate transaction. A quit claim deed transfers whatever ownership rights that the grantor has in the property with no guarantees of what those ownership rights may be. The person accepting the deed acknowledges that they may not be receiving a clear title but agree to take whatever interests do exist and deal with any possible encumbrances later. This is a tool that can help facilitate real estate deals in unique situations, though it is not right for many people considering real estate deals. You should always discuss your situation with an attorney before agreeing to a quit claim deed.
Call a New Jersey Real Estate Lawyer for More Information Today
If you are trying to purchase or sell real property, it is critical that you know what interests are being transferred and whether the title is clear. If you are using a quit claim deed for your transaction, you should always discuss all of the possible implications with a highly experienced real estate attorney before moving forward with your real estate deal. If you have any real estate matters to discuss, call the Law Office of John L. Schettino at 201-498-9768 to discuss your options today.