What is a quitclaim deed (QCD)?
In real estate transactions, title refers to the legal ownership of a property, while the deed is the physical, legal document that transfers or adds ownership of the property to a new party. One type of deed commonly used in many states is a quitclaim deed (QCD). A QCD transfers any interest the owner may or may not have in the property to the recipient, without guaranteeing the quality of the title (essentially stating, “If I have interest in the property, it is now yours”).
A QCD is a fairly simple and quick way to transfer or add property ownership, but is NOT usually used as the deed in purchase transactions, because the owner has no guarantee about the validity of the title.
How can a quitclaim deed (QCD) be ordered?
Advocus Title is here as a resource to help prepare deeds for your borrowers. The following items are typically involved with a deed request:
- Deed Request Form
- Documentation supporting the change in title (i.e. marriage certification, divorce documents, trust documents, etc.)
- Preparation Fees; usually around $100-$200, but varies by speed of delivery
- County recording fees and transfer taxes; these vary by state, county, and the amount of money changing hands (if any). Advocus Title can help determine the correct amounts to disclose.
We are more than happy to help you out with any of these items or answer any questions in more detail in order to process your borrowers’ deed requests as quickly as possible. We are always ready to assist you via form, email, or phone.
Faster Closings with Faster Turntimes
At Advocus Title, we know that you want to provide your borrower with the fastest closing experience in the market. That’s why we are committed to reducing our turntimes throughout 2021 to provide you with best-in-class speed to close. To provide transparency and allow you to best manage your closing process, we publish our state-by-state turntimes to an initial title commitment on the GR Intranet. Check out the latest to see how Advocus Title can help improve your speed to close.
