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Hayek Karma here with the killer Oval Office today I'd like to talk to you about quit claim deeds a transfer real estate by property through these through this vehicle that the law allows us to you well what's a quit claim deed and how does it work quit claim deed is basically saying look I'm going to transfer to you all of my interests on this property okay the nice thing about it is the person transferring doesn't have to stay what interest there may be there may be no interest there might be used an interest to possession there might be an interest to be paid back there might be a right to harvest the property like timber for example or there may be nothing there might be just litigation a chance to get at some value somewhere, so it quickly did really say look I'm going to give you what I have, but I don't know what I have so whatever I have now is yours it's not mine anymore, but that is yours, so you can go ahead and do it, so that's what a quick claimed it is now there is only one thing one requirement or one I suppose guarantee that the person transferring gives okay, and we call that the county of sin which is a fancy for I can interfere with it so if I give you a quick claim deed on my property, and you're trying to access the property or this is you take it, and you're trying to execute something on the property I can go back and block you from doing that okay I'd be violating the quick blend it because that's exactly what I did I gave you whatever I have so you now you have it you take that property interest, and you can execute on it any way you want to, and I can just get in the middle of it okay, so that's the only thing is it's going to stop the transfer the person making the transfer from stopping you from enforcing that vehicle okay now quickly indeed it touches real estate, so it has to be in writing and that's under the statute of frauds we require with any land transaction to have a writing, so I have to be properly drafted okay and in any transfer of property a taxable event happens, so it is important to have packs a caffeinated it's really strong to quit claim deeds will waive any taxes runs out any taxable in the transaction there might be there maybe use a little excise fee as long as you know ten dollars five dollars sometimes it depends, but there will be some tax owed, and again it has to be also the record lets you want to make sure that the deed is recorded it that way people know that that's a new the owner and other person who has a new obligation necessarily in the owner but that this person is making a disclaimer on that obligation now what is important note here is that a quick limpid transverse value okay it transfers value not liabilities in other words let's say I transfer to you my home and basically giving you title on my home okay, and I'm not discharging my obligation to the lender if I have a mortgage I'm still responsible for that mortgage the mortgage is a contract on which you sign whether you give...
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