![]() To have the deed documented, take it to the appropriate county office. Witnesses are also required in some states. These signatures must be notarized in most states. The date, printed name, and signature of both the Grantor and the Grantee are required at the most basic level. The requirements for executing a quitclaim deed will vary by state. You should also supply the tax map and lot or parcel ID if you can find them. This can be done through the County Recorder's Office or the Tax Assessor's Office in some cases. Obtaining the legal description is as simple as pulling a previous deed on the property. This is referred to as the legal description within the document. The property must also be accurately described in the deed. Even if their spouse has no ownership interest in the property, married people may be obligated to mention their spouse's name. It's worth noting that in some states, a quitclaim deed must mention whether the Grantor or Grantee is single or married. The cost of the acquisition (referred to as consideration).The entire legal name and mailing address of the Grantee.The entire legal name and mailing address of the Grantor.The address to which the deed should be returned after being filed with the county.The person who prepares the quitclaim deed's name.Step 2: Have the Required Information to Complete the Quit Claim DeedĬounty recorders need certain information to process quitclaim deeds. The transfer usually occurs when the parties reach an agreement on a price for the property. The parties may, however, choose to have the transaction and the quitclaim deed evaluated by a lawyer to ensure that they are compliant with state laws. Unlike more traditional techniques, the process does not necessitate the use of a real estate agent. Step 1: Negotiating the Sale or TransferĪ quitclaim deed is used to transfer property ownership. The property deed must be documented with the relevant county clerk's office in most states. Depending on the state, witnesses may be necessary, as well as the signature of the new owner. The notarized quitclaim form must be signed by the grantor. (Again, quitclaim documents aren't commonly utilized in real estate transactions.) The legal description of the property, the county, the date of transfer, the names of the grantor and grantee, and the price paid, if any, are all included in the document. Error Correction: A quitclaim deed can be used to rectify misspelled names or other minor errors.Ī quitclaim deed isn't legally binding unless it's written down.Gifts: Quitclaim deeds can be used to transfer property to relatives and friends, but consult a lawyer first. ![]() Before granting a policy, the title insurance provider will ask that party to quitclaim their interest in the property. Removing a Title Cloud: During a title search, title companies may come upon a "cloud." This means that a third person may have an unaccounted-for stake in the property, thereby breaking the chain of title.Transferring Ownership to Trust: A quitclaim document placing a property into a trust is a smart starting step if you want to pass it down through the generations.Transferring Ownership to a Business: Transferring real estate to corporations and limited liability companies (LLCs) is a typical way to shield assets from creditors and restrict personal liability.Owner Name Change: When the owner's name changes, the deed information must be updated to reflect the new name on the title.Marriage or Divorce: A quitclaim can be used to add a new spouse to the property title or to remove an ex-spouse.Family Transfers: Quitclaim deeds make it simple to transfer property ownership to parents, children, siblings, or other relatives.Here are some examples of when a quitclaim deed might be used: A quitclaim deed doesn’t affect any mortgage payments-the grantor is still responsible for any mortgage agreements. This type of deed is a useful way to change or correct mistakes on a title without paying any fees. If he wants to leave the company, he may want to quickly and simply transfer ownership to his brother without having to go through a lengthy selling process, which makes a quitclaim deed the most convenient option. Blog Contact Form-įor example, if two brothers own a restaurant together, one of them can only transfer half of the ownership. How Does a Quitclaim Deed Affect the Existing Mortgages?.Step 2: Have the Required Information to Complete the Quit Claim Deed.Step 1: Negotiating the Sale or Transfer.
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