It is one of the two (2) main deed-types for property transfers, the other being the warranty deed.The quit claim deed is different than the warranty deed in that it offers little to no protection for the … Quitclaim Deeds are governed by state law. It covers no guarantees, warranties or promises to the grantee. This term sounds complicated, but actually it is easy to understand. Sample Real Property and Land Documents: Deeds. A quitclaim is commonly used between spouses or … First, report the County, in … A Quitclaim Deed is a legal document used to transfer property from one person, the Grantor, to another person, the Grantee. Finally, the Deed must include a precise description of the property being transferred. Contracts of Sale. On _____, THE GRANTOR, _____, a married individual, does enter into this agreement. On the contrary, a quit claim deed has no promises and guarantees for the real estate property. Eagan explains that a warranty deed is the one in which the seller transfers the title to the buyer promising you that they own the property that does not have any liens or claims. Download a quitclaim deed form that allows a seller to transfer their ownership interest to a qualified buyer with no warranties or guarantees to the history of the title.This form is usually signed and delivered at the closing of a real estate transaction after a purchase and sale agreement has been agreed to and all … This Quitclaim Deed is available for use on UpCounsel. You need to mention the name of the grantor and grantee(s). Download this free sample Quitclaim Deed template below and have it customized by a real estate attorney for your unique legal needs today. All these deeds differ from one and another on the basis of protection and security of the buyer. This means that there are no guarantees or promises regarding the title made to the buyer. The legal description for the property can be found on previous deeds, tax forms, or at the county's Register of Deeds where deeds are recorded by the county. List the Names of the Grantee(s) and Grantor. Trustee Deed. But before you do, you need to understand the basics of the document, as well as everything that you need to do to ensure the validity of the document. To sum it up, transfer of ownership titles requires deeds. Different states have different requirements for when and how the Deed should be filed. Other names for the document:
Requirements. Grantor Grantor Witness (if required) Witness (if required) Covering warranties and guarantees that any seller wishes to convey with the title, it is chosen by people who wish for extreme protection. eval(ez_write_tag([[580,400],'templatelab_com-leader-2','ezslot_9',125,'0','0'])); Offering a very limited amount of protection, a quit claim deed is often used by those who do not require any promises. 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. Quitclaim Deeds are governed by state law. It must be to the point and not a beat around the bush type of letter. A quitclaim deed form (or quit claim) is a legal document where the Grantor (or owner/seller) releases their ownership rights of a piece of real property to the Grantee (or purchaser). It especially highlights that âThe Grantor makes no warranty, express or implied, as to title in the property herein described.â When a grantor does not have any interest in the property, the grantee gets no right of warranty against the grantor, having the least amount of protection. These matters become a bit complicated because of legalities. The following facts about the quit claim deed will help you understand what a quit claim deed is. What is a Quitclaim Deed? The next step is of the decision for the consideration. In this litigious society, quit claims are not used for businesses or exchanged among people who are strangers. Along with the other two aspects, quit claims are also used to clear the defects in the history of the real estate title. You need to mention the name of the grantor and grantee(s). A quit claim deed is only put and accepted by the buyer when the property does not involve any risk. Deed, General Deed, Quit Claim Deed, Quitclaiming Deed, Fill out the template - 100% FREE, Removing a spouse's name from a property title after. A quitclaim deed form is a legal instrument that is used by a property owner, otherwise called grantor, to officially relinquish his ownership of the said piece of property and surrender the same to another party, called grantor. Start a free trial now to save yourself time and money! This article will give all the information you need to know about warranty deeds and its types, focusing mainly on quit claim deeds. Therefore, this type of deed less secure when compared to a General Warranty Deed or Special/Limited Warranty Deed … How to modify the template… Quit Claim Deeds. In case the claims are considered wrong, the buyer is given compensation for it. Both the parties can either be corporations or individuals. 1. The names of both parties, as well as the date of transferring the property, would be mentioned on the deed … If the property transfer is a gift, a nominal amount of money, $10, is listed as the amount being exchanged. According to David Eagan, a quit claim deed is a deed that does not warrant or guarantee what a buyer owns.