I received a call asking me to explain the uses of a quit claim deed. I said that, generally speaking, a quit claim deed transfers whatever ownership interest you have in a property to someone else.
For example, if I gave you a quit claim deed for the Brooklyn Bridge, I would transfer any ownership interest I have in that property to you. Of course, I don’t own the Brooklyn Bridge, so that’s a worthless piece of paper.
I received this email from a WSB listener this afternoon:
“In the State of GA, an individual can sign quit claim deed and still reside in the property as a mortgage costs payer. There could be a death of the owner and either the owner in a last will and testament or signed, paper can bequeath the property back to the person who signed quit claim, which now makes them a rightful owner again. Plus, the estate could go to others by State of GA Law or will. There are POD matters, too. Payable On Death and POA, Power of Attorney. There are Notary situations by a Bank, too.
Even if there others who were bequeathed the Estate, the person residing in the property/home still has Rights by GA Landlord Tennant Law.
It could take a Real Estate Agent and an Estate Attorney a long time to resolve all of the issues and sell such a property. So, even though the man was talking about similar, yet different issues, a person who has signed quit claim deed, can still have very many Rights to a property and/or residence.
The 4th Amendment is today followed by a 3,500 page book…
There are very many people involved in real estate issues who do not know all of the rules, regulations, policies, procedures, rights, and laws.
In summary, and very briefly, I want to emphasise that signing a quit claim deed to a property does not take away all of the rights that the person has to a property, because they may own it!”