What is a Quitclaim Deed?
Deeds are legal documents that facilitate the transfer of ownership of real property. When you buy property, inherit property or add a person’s name to the title of the property, you will need a deed.
A Quit Claim Deed is a legal document whereby the owner of a parcel of real property, called the grantor or seller, transfers interest to another, called the grantee or buyer. The seller stops, or quits, any interest, or claim, to the property, allowing his or her claim to transfer to the buyer.
Because Quit Claim Deeds do not offer the buyer a warranty on the title, they are most often used to transfer ownership of property when the property is conveyed as a gift. For example, the transfer of property between family members.
Use a Quit Claim Deed to transfer ownership fast.
Often there are times when people need to transfer property quickly and don’t require the guarantee that a Warranty Deed provides. Some examples of when to use a Quitclaim Deed include transferring property during a divorce settlement, transferring property into a trust, clearing residual interest of former ownership of a piece of property and deeding property to children on the behalf of parents.
The term Quitclaim is used in the deed because the seller quits his claim or interest and transfers ownership in the property to the buyer. A Quit Claim Deed does not provide any guarantee or warranty that the seller owns the property, it just conveys whatever interest he has when the deed is executed.
Also, with a Quit Claim Deed, no monetary consideration has to be explicitly listed in the deed for the deed to be valid. However, some type of consideration should be included to avoid any issues in the future.
Preparing a Quit Claim Deed is a fairly simple process. The seven basic steps to fill out a Quit Claim Deed include:
- Download a free Quit Claim Deed form online or pick up one from your local county recorder’s office.
- Fill in the names and addresses of the seller and the buyer.
- Even though an actual dollar amount does not have to be listed on the Quit Claim Deed, some form of consideration should be included to avoid any future problems.
- Make sure to include the legal description of the property.
- Signatures of both the seller and the buyer are required.
- Sign the Quit Claim Deed in the presence of a Notary Public.
- Record the Quit Claim Deed in your local county recorder’s office. This office could also be called the county clerk, register of deeds or land registry, depending on where you live.
There are various deviations of the actual spelling of Quit Claim Deed. The proper spelling is Quitclaim. However, you will see it written as Quit Claim Deed, Quitclaim Deed, Quit-Claim Deed, Quick Claim Deed and Quit Claims Deed. These forms are all acceptable ways to spell Quit Claim Deed.
A Quit Claim Deed is one of the easiest ways to legally transfer ownership of real property. It is also a very inexpensive and quick way for property owners to transfer title. Save money and time with a Quit Claim Deed today.