Quitclaim Deed

What is a quitclaim deed?

A quitclaim deed is a legal document used to transfer real property from one person, known as the grantor, to another person, known as the grantee. It is often used to transfer property between family members or other parties who know each other. A Quitclaim Deed can also be used to relinquish co-owned property in situations such as divorce. Other common uses of Quitclaim Deeds include the following:

• Adding a spouse's name to a property title
• Transferring property interest to a business partner
• Removing a spouse's name from a property title after divorce
• Transferring property to a sibling, child, or other family member
• Bequeathing property in a Will to someone upon death

The property being transferred using a quitclaim deed is known as real property, or real estate. It includes things such as houses, commercial buildings, or empty plots of land. The transfer can happen in exchange for some kind of payment from the recipient. However, in many situations, the transfer does not involve money.

What is the difference between a quitclaim deed and a warranty deed?

Though both of these documents are used to transfer property from one party to another, they are very different in the protections they provide to the party receiving the property.

A quitclaim deed transfers any interest the grantor has in the property to the grantee without making any promises about how much interest they have. There may be liens, mortgages, or other encumbrances on the property. The grantee receives only the interest that the grantor has, which could be none depending on the situation.

A warranty deed transfers property from the grantor to the grantee with the promise that they hold clear title and there are no liens or other encumbrances on the property. A warranty deed is much lower risk for the grantee than a quitclaim deed.

Is it mandatory to have a quitclaim deed?

No, a quitclaim deed is not mandatory. Depending on the situation, a warranty deed may also be used. However, a quitclaim deed is useful in situations where property interests need to be transferred without a warranty. It is most suitable for transferring property between family, divorce settlements, or adding/removing names on a property title.

What is an "encumbrance"?

In the context of a quitclaim deed, an encumbrance is any claim, lien, or mortgage associated with the property. This could be mortgages, easements, or unpaid property taxes. A quitclaim deed means that the property may have encumbrances that the grantee will have to deal with once the property is transferred.

What are the prerequisites of a quitclaim deed?

Before creating a quitclaim deed, the parties should conduct a title search to be sure that the grantor has the legal right to transfer the property. This would also reveal any existing liens or encumbrances on the property. A title search is done using a title company.

Who is involved in a quitclaim deed?

A quitclaim deed is used by someone who has interest in a property, known as the grantor, who then transfers their interest to another party, known as the grantee. Generally, the parties, if they are individual people, must 18 years of age or older. In situations involving a minor, a parent or legal guardian may sign on their behalf.

What should be done once the quitclaim deed is finished?

When the quitclaim deed is written and all the relevant information has been included, the document should be printed out and signed by both the grantor and grantee in front of a notary. The notarized document should then be filed in the local county clerk or registry office. The finalized document can be sent to the grantee after it has been recorded with the county.

Is it necessary to notarize a quitclaim deed for it to be valid?

Yes, a quitclaim deed should be signed in front of a notary public, who then completes the notary page. Notary publics are individuals authorized by the state to perform notarization. Notaries can be found at various locations, including banks or credit unions, law offices, mail and shipping stores, government offices, libraries, and online notary services. Some notaries work by appointment, while others accept walk-ins.

The notary the parties use does not need to be in any particular state or location, as long as they are a registered notary in the state where they are providing their notarization services.

Is it necessary to register a quitclaim deed?

The quitclaim deed should be registered with the county clerk or registry office, depending on the jurisdiction in which the property is located.

What must a quitclaim deed include?

A quitclaim deed must include at least the following mandatory clauses:

• Parties: The quitclaim deed states the name, address, and marital status of all the involved parties, including both the grantors and the grantees.
• Price: The quitclaim deed specifies the amount of money, if any, the grantee is paying the grantor in exchange for the property transfer.
• Property details: The quitclaim deed describes the property that is being transferred. This includes the address of the property, a legal description of the property (found on the property title), and the property's tax parcel number.
• Tax information: The quitclaim deed includes the name of the party who will be paying taxes on the property and that party's address.

Which laws are applicable to quitclaim deeds?

Quitclaim deeds are governed by state law. Different states have different requirements for when and how the deed should be filed. Contact the local county Register of Deeds to get information about which governmental agency should be given the deed to file and record before being returned to the grantee.

How to modify the template?

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.