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. It is extensively used while transferring property between members of a family.
Other types of deeds
General warranty deeds: This is a kind of a deed in which a grantor proves that he actually holds a legal title to that piece of property and has, as a matter of fact, the right to resale it. This deed goes back to the beginning of time when the property in question first came to existence.
Special warranty deeds: A special warranty deed is not so different from the general warranty deed discussed above. Its mandate is however limited to the length of time when the property was or is under the custody of the grantor, but not from the beginning of time, as is the case with the former. This deed shields the grantor from any liabilities that arose before he took custody of the said piece of property.
When to use “Quit Claim Deed”
Transfer property between family members
The form is extensively used when transferring property between two members of the same family. These could be between parents and children; and two siblings; or other closely-related family members.
Adding or eliminating spouses from a tile
If you have to add or eliminate a souse from a title, you will yet again rely extensively on this form. These additions and eliminations may be due to divorce or when entering a marriage.
Change of names
Property owners may change their names from time to time. In the course of such changes, the form yet again comes in. With regard to this, you inevitably have to reflect the new name on the form to make it up to date and relevant.
Shifting the legal ownership to a corporation or limited liability company
In the event that the property you hold is in the custody or protection of a limited liability company or corporation, the form is used to transfer the ownership to and from the entities concerned.
Transfer of ownership to a trust
Just like with the corporation or limited liability company, the form is also used to facilitate the transfers to a trust. Trusts are institutions that handle property that is to be transferred to succeeding generations of a family.
Contents of a “Quit Claim Deed Form”
A typical ‘quitclaim deed form’ contains the following parts and components:
- Title – This is the one that designates the kind of a document this is. In this instance, the title clearly spells out ‘quitclaim deed form.’
- Executed Date – It is on this day that the legal document was signed, executed, and completed by the parties involved.
- Grantor – A grantor is a person who relinquishes his rights to the piece of property to another party, called the grantee. This may be a natural person, an LLC, a partnership, a corporation, trust or trustee, or any other legally recognized entity.
- Grantee – It is the grantee who receives the ownership rights of the property that is being transferred.
- Habendum – Habendum is the core of the deed. It is this one that actually does the transfer of the property to a new party.
- Consideration – The consideration is what the grantee gives to the grantor in exchange for the right to take over the ownership of the property.
- Legal Description – It is the legal description which clearly spells out the property in finer details by stating its features, specifications, location, registration, and other pertinent issues. It comes in three main kinds namely metes and bounds, rectangular survey, and lot and block.
- Signatures – All documents have to be signed to make them official. The parties to the form i.e. the grantor and the grantee have to append their signatures hence to make the form officially recognized by the state.
- Prepared By – Lastly, the ‘prepared by’ is what lets everyone know who exactly prepared the form. In many cases, this is the attorney who acts on behalf of the grantor or the grantor himself.
Free Quitclaim Deed Forms (by State)
Frequently Asked Questions (FAQs)
Quit Claim Deed vs. Warranty Deed
A quitclaim deed, as has already been stated, is a legal document that is used to vouch for the transfer of an interest in real estate. A warranty deed on the other hand only shows that the grantor holds the title, not ownership of the property, and has a right to transact business with it.
How much does it cost to get a quitclaim deed?
The actual cost of obtaining this deed varies greatly from place to place and jurisdiction to jurisdiction. It may go for as little as $2 in some places to as high as $20 in some other places.
Do I need a lawyer for a quitclaim deed?
You might not need a lawyer to prepare the quitclaim deed, but you will definitely need one to notarize it to make it official. Also, a lawyer’s input or intervention may be necessary from time to time when trying to make meaning of the terms used in the form and their legal implications.
Where do you go to file a quitclaim deed?
Many jurisdictions require that you pay a visit to a county recorder’s office in the place or location wherein the stated piece of property is found. Others may only require that you download the form, fill it, and then post it to a designated address.