Instrumental jingle) So a quitclaim deed is essentially a document that is used to transfer the ownership of real estate from one person or entity to another person or entity. And most of the time when people are buying houses and rental properties and other investments, the most common type of deed that people use is called a warranty deed, and that's a deed where the seller is essentially promising that they have totally free and clear title to the property, and they are conveying it to that new buyer, and there's no title defects on record, so nobody else has any ownership, any liens on the property, or anything that would encroach their totally-unencumbered ownership of that particular property. In the vast majority of cases, when people are using warranty deeds, there's also a title insurance policy involved, so essentially, there's a third party who has reviewed the entire title history, and they're willing to back up the fact that the title is indeed free and clear, and there are no encroachments or issues on that. And that's why a lot of times, sellers are comfortable making that promise, because there's a title company that's going to back them up if any mistakes were made. With a quitclaim deed, the seller's not making any promises or guarantees of any kind regarding the title. They're essentially just saying, “Everything that I own of this property, if anything, “I'm now transferring to you, Mr. Buyer.” So essentially, if you as the seller have no idea if the title is clear or not, this is the kind of deed that you would most likely want to use, because you don't have to make any promises whether there are any issues that have come up in the past. A lot of times, people use quitclaim deeds when they're transferring properties between family members, or in divorce situations, when one person is going to relinquish their ownership...
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About MI Quit Claim Deed Statutory Form
A MI Quit Claim Deed Statutory Form is a legal document that transfers ownership of a property from one person to another without making any guarantees about the title history of the property. This form is commonly used when there is a transfer of property ownership between family members, such as in a divorce settlement or inheritance, or when adjusting property ownership between co-owners. This form is specifically created to comply with the legal requirements of the state of Michigan. The form contains specific language and provisions that must be included in order to make the transfer of ownership legally valid. Anyone who wants to transfer the ownership of a property in Michigan without making guarantees about the title history of the property will need a MI Quit Claim Deed Statutory Form. This could include individuals who are transferring property to family members as part of an inheritance or divorce settlement, or co-owners who wish to adjust their ownership shares in a property. It is important to consult with a real estate lawyer to ensure a valid transfer of ownership.
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