To sum it up, transfer of ownership titles requires deeds. Download: Adobe PDF (.pdf) | Microsoft Word (.docx). However, a parcel ID number is really necessary to put in the legal description of the property. As life circumstances change, people often change their interests or ownership in property, making a quit claim deed useful in such situations as: All states have specific laws regarding required elements of a quit claim deed form. Step 1 – In the top left-hand corner, enter the name of the person requesting recording and the person to whom the deed and tax statements should be mailed (most likely the grantee or person purchasing property). The following facts about the quit claim deed will help you understand what a quit claim deed is. It allows for the property of a deceased individual to be passed on to another party without the need for probate. We will explain the difference between a warranty deed and quit claim deed from David Eagan’s perspective. So, if your seller is demanding for a quit claim deed, you need to think about it and only accept it if it has low risk associated with it or you trust the grantor. They are the ones who are transferring the right of ownership of the property to another party. A quit claim deed transfers any interests a person (the Grantor) has in a specified real property to another person (the Grantee). The rental property cannot be claimed by someone who has a better claim against the title. In this litigious society, quit claims are not used for businesses or exchanged among people who are strangers. The names, addresses, and marital statuses of the Grantor and Grantee, The type of title the grantee will hold (e.g., tenancy in common, tenancy in entirety, etc. A quit claim deed is a form for transferring interest (ownership) in property from one person (the grantor) to another (the grantee). This type of deed is used mostly by people who wish to permanently own a property having all six covenants (promises) by the seller. A quit claim deed exposes the guarantee to certain risks but they are mostly used by family members. Title defects are known as “clouds” and result from property that was not transferred correctly. What is the Difference Between a Warranty Deed and Quit Claim Deed? Quit claim deeds are used when the sellers do not want to guarantee for the liabilities and titles. Consequently, if the grantor either intentionally or unintentionally informs the grantee that they have interest, when in fact they do not, the grantee will not receive ownership of the property. A quit claim is only responsible to affect the ownership and despite anything else, neither the mortgages nor the warranties. No information needs to be (or should be) entered into this section by the grantor or preparer. A quit claim deed (also “quitclaim deed”) is a legal document used for an individual (the “Grantor”) to terminate, or “quit,” any interest or claim to a specified real property, allowing that interest to be transferred to a recipient (the “Grantee”).Such real property may be a house, a piece of land, a vacant lot, or any other property considered “real property.” So, only accept a quit claim deed from the grantor when there is low risk involved or no risk at all. Some state laws may allow for the filing to take place if the grantor signed and delivered the deed prior to their death, so long as certain other requirements are also met. Due to this, it is not used where the grantee wishes to have guarantees and promises or where properties are involved in outstanding mortgages. The primary circumstance that may allow for the deed to be revoked is if it can be proven that one party was coerced into signing the form. The reason it is more commonly used among family is because of the trust that commonly exists, unlike a transaction involving two (2) unfamiliar parties. Gifting real property to another person (such as a wedding gift), Correcting information on an existing deed (such as a misspelled name), Changing interest in real property between current owners, Clarifying whether real property is joint or separate in a marriage, Names of both the Grantor and the Grantee, Name of the county in which the property is located, Address and physical or legal description of the property, The date the transfer will take place (as it can occur immediately or sometime in the future), The name and address of the individual or entity who will receive tax bills and information, The signatures of both the Grantor and Grantee, Signature, date, and official seal of a notary public in the county where the property is located. The following are the answers to frequently asked questions regarding quit claim deed forms. In the top left of the deed, the individual that prepared the document (typically an attorney), will write their name and address. The quit claim deed is different than the warranty deed in that it offers little to no protection for the individual(s) receiving the property in that the property is solely owned by the grantor. All these deeds differ from one and another on the basis of protection and security of the buyer. If it is a gift, include a monetary amount of one dollar ($1.00) or ten dollars ($10.00). Most states require deeds to be filed with the County Clerk’s Office or the Office of the Recorder of Deeds in the county where the property is located. This article will give all the information you need to know about warranty deeds and its types, focusing mainly on quit claim deeds. The last step to carry out the quit claim deed involves the grantor putting his/her signatures on the deed in front of the notary public. The form is designed for use in Oregon . IN WITNESS WHEREOF, Grantor has signed and sealed these presents on the date written above. The state keeps $27,500 of the sale price to satisfy Susan’s tax debt, returning the remaining $96,500 to Susan. In this type of warranty deed, the grantor only releases, remises and quit claims their property to the grantee. Can a quit claim deed be filed after death? In case the claims are considered wrong, the buyer is given compensation for it. Form Number: 721 Form Title: Quitclaim Deed Publisher: Stevens-Ness Law Publishing Co. How to Create a Quit Claim Deed Template? Cindy would sign a quit claim deed terminating her interest in the property. Step 4 – Consideration & Legal Description. n. a real property deed which transfers (conveys) only that interest in the property in which the grantor has title. All in all, it is put when the seller does not want to promise anything to the buyer. Title defects are basically the issues that are present in the title such as missing signatures, usage of incorrect wordings, failure to record real estate documents, spelling mistakes or any other issue in the title. Covering warranties and guarantees that any seller wishes to convey with the title, it is chosen by people who wish for extreme protection. These matters become a bit complicated because of legalities. The Grantee is only entitled to whatever interest the Grantor actually owns at the time the quit claim deed is made. A quit claim deed can be presented in public records by the resolving any of the particular issue.
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