I always see QC and QCD for $100 or something on property records. I would like to know what this means.
2007-03-04 11:49:10 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I believe you mean a quick claim deed not a quit claim deed. A quick claim deed is a simple document used clear up a possible claim or flaw on a title chain. When an attorney researches a property for title insurance sometimes there may be a break in the chain of title. To fix this they get the person who could possibly have some claim to all or part of the property to sign a quick claim. The quick claim states that the person will transfer any and all rights if any to someone else for a sum of money. It usually is a small amount of money because the signer usually don't have any interest in the property or is a relative giving their interest of the property to another. A simple example would be: In a community property state mom and pop own an undivided share of their house. If pop dies without a will mom will only get 1/2 of pop's share of the house and if there are two or more children they would get the other half. In order for mom to finance or sell the property the children could just sign a quick claim to mom clearing their name off of the house from inheritance.
Does this help?
2007-03-04 13:39:10 · answer #1 · answered by Bestbank Real Estate 3 · 1⤊ 0⤋
True and true. More technically, a QCD doesn't guarantee that the signor has any interest in the house (the right to sell it). It just means that the signor is giving up ANY rights that they have in the property, if any at all.
It's commonly used with family, as cited above, and also to cure title defects.
2007-03-04 11:59:54 · answer #2 · answered by tax_man_cometh 2 · 1⤊ 0⤋
Charlie at the lake and Taxman answers are correct, and simple to understand. Here is some more info: Insurance Companies will not insure property if it is a quit claim deed
2007-03-04 12:20:43 · answer #3 · answered by loladrewblue 4 · 0⤊ 0⤋
Like for example, my mom, dad and sister owned a house. They just used my sister's name for credit purposes. When they wanted to take her name off, she had to sign a quit claim deed giving up her portion of the home.
2007-03-04 11:53:12 · answer #4 · answered by bbrzt 4 · 2⤊ 0⤋
It means the signer no longer has a financial interest in the house. As in, "I quit my claim to this house" for $1. or $1 million dollars.
2007-03-04 11:55:52 · answer #5 · answered by charlie at the lake 6 · 1⤊ 0⤋
Mom and Dad own a house with both their names on the title ( they owe no $0)
Dad died
Mom filled out quick claim info.. Dads name taken off title
2007-03-04 11:58:25 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 1⤋