People get married and buy a house. They get divorced and one of the spouses keeps the house. Parents want to pass property onto their children and grandchildren. With all of these transfers and changes, the deeds have to change as well. Quitclaim deed forms are often the easiest way to transfer property.
A quitclaim deed is a legal document used to transfer the ownership of real property. What is real property? It’s a legalese way of referring to a house or a piece of land. The person transferring the interest is called the grantor and the person receiving the interest is the grantee.
Quitclaim deeds are commonly used because they can be a quick and easy way to make a transfer. They are often used when you need to add or remove someone from a title or a deed, like after marriage, a divorce, or in instances involving a family trust or estate.
It is important to remember that quitclaim deeds transfer the property as it is. This is why they are also known as non-warranty deeds. There is no guarantee that the grantor legally owns the property or doesn’t have any restrictions or liens on it.
Okay, so you want to transfer ownership of some real property from one party to another using a quitclaim deed. They are easy to find online and print out yourself. Then you provide whatever information is required by your state. Depending on the relevant state laws, the deed will need to be signed in the presence of witnesses or a notary public.
Again, a quitclaim deed doesn’t guarantee that the grantor legally owns the property. So a bank or some other lender could have a claim on the property and the grantee might have no idea. In the case of disputes, the deed recipient has no protection.
There is a statute of limitations of two years with quitclaim deeds in most states. The deed can be challenged or contested within two years following the deed’s filing date.
It’s reasonable to use quitclaim deeds when the parties know and trust each other and no money is exchanged. In this case, a quitclaim deed will ensure a proper transfer of the ownership of real property.
However, if you are buying property from someone who isn’t someone you know and trust, beware of fraud if they want to transfer that property to you with a quitclaim deed.
There are several situations in which quitclaim deeds are commonly used. They are:
A quitclaim deed form could be filled out to transfer property from parents to children, brother to sister, or any other combination of family members to a family member. They are also used to add a spouse to the title of a property when a couple gets married. Conversely, quitclaim deeds can be used to make a name off the title in the event of divorce proceedings.
You may find out that another party has a claim on a property’s title. This claim could be a lien or document that could contest the title’s legality.
Let’s say you purchased a property when the owners defaulted on their mortgage and that property went into foreclosure. There could be an instance where the previous owners could potentially have a claim to the home. To avoid that issue, you would have the previous owner sign a quitclaim deed. This would ensure that you are the legal titleholder of the property.
It is common in trusts and estate law for families to want to pass their property onto the next generation by creating a trust. This legal mechanism allows the trust beneficiary to avoid the probate process. This often involves using a quitclaim deed to transfer the property into a trust.
When filing a quitclaim deed form, familiarize yourself with your state’s laws. Generally, there must be a purchase price listed on the form. This price is known in legal parlance as consideration, meaning something of value that is given in exchange for the property. In addition, the property must be adequately described and the forms need to be signed properly. Once these steps have been completed, the document can be filed with the recorder of the local jurisdiction.
With quitclaim deeds, the parties usually agree on a price for the property, so the negotiation process shouldn’t be complicated. Because of that, a third party probably won’t be necessary to reach an agreement.
Again, the specifics of the deed will depend on the law of your state. Typically, the following information is needed to process quitclaim deeds:
Remember that the deed needs to accurately describe the property involved. This is called the legal land description.
The deed also requires an accurate description of the property. Within the document, this is referred to as the legal description. The best way to get that description right is to find an earlier deed on the property at your county recorder’s or tax assessment office. The property’s tax map and lot or parcel identification number would be helpful to include if you can find it.
Like most official documents, the deed needs to have the date, printed name and signatures of the grantee and the grantor. The signatures will have to be notarized or require witnesses, depending on the state. Typically the grantor and grantee will have to be present before the witnesses.
Once executed, you will take the deed to the appropriate local office to be recorded. Ensure you know how much the filing fee will be and how they accept payment.
If you have a computer and a printer, you are ready to fill out a quit claim deed template. If you want to go the formal route, you can hire a real estate attorney to help you. Bear in mind that would add extra costs to the process.
You can either print a template out from many online sites or hire a lawyer to fill out the document for you. A free quitclaim deed template is straightforward to find. Doing it yourself will save you some money in legal fees.
Nearly all quitclaim forms require the grantor to sign them. The grantee will need to sign the document. Usually, the grantor’s signature will have to be notarized.
To be done correctly, the quitclaim form needs to be delivered and accepted by the grantee. If your state doesn’t set out what delivery and acceptance should look like, the grantor should have the grantee write that they received and accepted the document.
Once signed by everyone who needs to sign it and delivered and accepted by the grantee, the quitclaim is considered to be legally executed.
Usually, the last step in the process is for the grantee to record the executed document at the local recorder’s office. Depending on the state, it is not required for the document to be recorded to be legally valid. However, it needs to be registered to be valid and used as evidence as far as third parties are concerned, and registering the quitclaim deed can help prevent legal litigation.
The big difference between quitclaim deeds and warranty deeds is buyer protection. This means that quitclaim deeds don’t provide much protection for the buyer/grantee. But quitclaim deeds are popular because they are a relatively simple and easy way to sell or transfer property.
Warranty deeds are more commonly used in real estate transactions because they protect the buyer. As a result, they aren’t as simple and easy to create. For example, warranty deeds:
Consult the laws of your state, but quitclaim deeds need to be notarized to be executed. This can be done in person with a notary or remotely with an online notary.
If you are looking for a free quitclaim deed form PDF or a sample quitclaim deed form, there are many options available online.
Quitclaim deeds are a simple way to transfer property to a new owner. The forms are easy to find and can be filled out with or without an attorney’s assistance. These deeds don’t protect the grantee or seller if a problem relating to the title should arise. Consult with a licensed attorney who specializes in real estate to see if a quitclaim deed is the best option for you.
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