Quit Claim Deed Fraud
A quitclaim deed is a document which states that the individual signing the document, has no interest in the piece of property. In other words, when you are signing a quitclaim deed you are expressing your disinterest in owning a property. For instance, if a quitclaim deed says that you don't have any interest in the property and that needs to be transferred in the name of your spouse, the same gets validated.
However, of late several instances of scams involving quitclaim deed have been reported. It is one of the most common types of property fraud. Quitclaim deed fraud can take various forms. The most vulnerable of all people are the elderly people who can be easily tricked into believing what is not right.
The most common form of quitclaim deed fraud is forging signature and using forged documents. Given below are 2 incidents that imply quitclaim deed fraud.
Scenario 1-If the ownership title is not proper
For instance, you go on a vacation and on seeing a beautiful house, plan to buy it. You talk to the owner of the house and settle for a price. The owner of the house signs a quitclaim deed. Since you are away from your hometown, you plan to pay the owner by home equity credit line. However, he doesn't accept that and insists that you pay cash. You agree to pay cash. After a couple of days, when you apply for loan to improve your home, you are unable to do so as you find out that the "owner" was not the actual owner and there is a dispute in the title.
Scenario 2-Forging your name
A quitclaim deed has the forged signatures of a thief. The forged deed is authenticated. Once the document has been notarized, the same document is used as collateral for applying for a loan. Alternatively, the document can also be used to inflate the value of the property by unfair means and is finally sold off to a buyer. Both ways, the thief is benefited.
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A Quit claim deed is a formal deed transfer from the registered owner to another person or entity. Simply put the person who has legal rights to the real estate title transfers these rights to someone or something other than himself.
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