Quit Claim Deed: What Is It?

A quit claim deed is related to real estate. It is used to transfer interest, ownership, or rights to the property from one party to another. The person giving away their claim on the real estate is known as the grantor, while the person receiving the property is called the grantee. This form is most often used to transfer property between family members.

This legal form will prevent the grantor from coming back and claiming interest after the quit claim deed has been finalized. This protects the grantee. This can be important in certain cases of transfer, such as during divorce.

A quit claim deed form will require information about both the grantor and the grantee. Information about the real estate property must also be included. For the best protection, a quit claim deed should be notarized and filed with the county clerks office.

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What Is a Quit Claim Deed?

Transferring property can be a tricky business, and various documents involved can be a source of confusion and frustration. Perhaps youve heard about a document called a quit claim deed but didnt really understand what it is or what its purpose might be. If youre involved in the transferal of property such as a home or a piece of land, however, its highly worthwhile to learn about this type of document and how it might affect you. This is true whether youre the grantor (the person transferring the property) or the grantee (the recipient of the property). Well begin with a straightforward explanation of exactly what this document is and what its various purposes are.

To provide a succinct definition, a quit claim deed is a document certifying that the grantor quits or relinquishes any right or claim to some specified property. Moreover, it certifies that the property will be transferred to the granteesomething that most deeds do. Yet, it must be understood that this document might not be suitable for all people in all situations, as it does not guarantee that the grantor has any ownership interest in the property. The only thing it attests is that if the grantor does have any ownership interest in the property, he or she agrees to relinquish it and transfer it to the granteenothing more, nothing less.

As you may have surmised, there is a measure of risk involved in a quit claim deed form, as the grantee has no real guarantee that the grantor owned the property free and clear of any liens, debts, disputes, or other ownership issues. The point is that if you are going to be the grantee, youd better be sure that the grantor did, in fact, own the property outright. An example of this would be if parents were to give a piece of property to their son or daughter. Still, while the quit claim deed form has its drawbacks, at least it prevents the possibility that the grantor will claim ownership of the property later on.

If youre interested in preparing a quit claim deed or merely wish to see what it should look like, you can search for a quit claim deed form online. You might even find a free quit claim deed through an Internet keyword search. However, if you choose to use a free quit claim deed, make sure that its of the highest quality; you may need to consult with a legal expert to confirm this. After downloading the best free quit claim deed you can find, read its terms carefully and have it signed in the presence of a notary by the grantor and the grantee. Depending on the locality, you might also need to have one or two witnesses sign the form. Afterward, check with the local county clerks office to find out if you need to file the document with them.

Dont let any of this information overwhelm you, as quit claim deeds are relatively simple and straightforward compared to many other types of legal document. Indeed, it might be the easiest way for family members to transfer a home and/or land as a gift, or for individuals to transfer property when trust is not a concern. If there is no exchange of money involved in the property transfer or if there are no questions about free and clear ownership, then this type of deed could be exactly what youre looking for. The important thing is to be aware of the risks involved, read the document from beginning to end, and only sign your name on the line if you understand everything you need to know about the quit claim deed.

Components of a Quit Claim Deed

In order to transfer ownership of real property between parties, a legal document known as a deed is required. However, there isnt one standard form of deed in use in the U.S. Multiple versions of the document have grown up over time in order to best fit particular circumstances. There are two main types of deed: warranty and quitclaim (which is sometimes referred to as a quick claim deed or a deed of release). The former type implies certain guarantees by the grantor to the grantee that his or her title is good; the latter is simply a transference of the grantors interest in the property to the grantee.

Warranty deeds are the most the commonly used form of deed, as they provide legal protection that the quitclaim deed does not. In situations where a piece of property is being bought and sold by parties who are unrelated, warranty is necessary to prove that the title is clear. This means that the seller holds the entire bundle of rights required to own the property in question. The new title-holder is then assured that his or her purchase is legal, and that they will be compensated for their losses should a third party make a lawful claim of superior title. In the case that a seller only warrants partial title of the property, a special or limited warranty deed may be used.

The quit claim deed, uniquely, warrants nothing. It simply states a transference of the grantors interest in the property at the time. The grantor does not have to guarantee good title, or any title at all. This makes the quit claim deed a somewhat precarious document. It does, however, have the advantage of efficiency. Quit claim deed forms come into use when multiple parties hold interest in a property. For example, during a divorce one spouse may want to quit their claim on a jointly owned marital property. By using a quitclaim deed form, the spouse can quickly and inexpensively transfer their interest in the property without the hassle of costly litigation. In this case, the grantee doesnt need a warranty that the title is clear, because the grantor is essentially using the quitclaim deed form in order to clear it.

While there are nuances that vary from state to state, the quit claim deed template consists of the same general components. The deed must identify the names of the parties to the claim (the grantor and the grantee). It must include statements that the grantor is giving up rights to the grantee, such as a statement of consideration, a granting clause that includes definite operative words, and words of inheritance. A description of the land or property being conveyed must be included, along with its physical address and number of registration. There will also be a habendum, or a have and to hold clause. The quit claim deed template, of course, omits any statement of the grantors warranties. When the deed has been signed and dated, witnessed, notarized, and (in some states) sealed, it becomes a legal document.