A quitclaim deed form is a legal instrument extensively used by a property owner while transferring property between members of a family. They use it to legally surrender his ownership of the said piece of property and relinquish the same to another party. In such a case, the property owner is knows as grantor.
Table of Contents
When do you use a quitclaim deed?
Here are some situations where you can use a quitclaim deed form;
Transferring property among family members
A quitclaim deed form is used while transferring property among two members of the same family. These members could be parents and children, two siblings, and other closely-related family members.
Including or eliminating spouses from a tile
You will rely extensively on this form if you have to add or eliminate a souse from a title. This situation may occur due to divorce or when entering a marriage.
Change of names
Time to time, property owners change their names. The form yet again comes in handy in the course of such changes. To make the form up to date and relevant, you have to reflect the new name on it.
Transferring the legal ownership to a corporation or LLC
If the hold property is in the custody or protection of a limited liability company or corporation, then this form is used to transfer the ownership to and from the concerned parties.
Transfer of ownership to a trust
Likewise the corporation or limited liability company, it is also used to facilitate the transfers to a trust.
Contents of a Quitclaim deed form:
A quitclaim deed form includes the following components;
The title clearly spells out ‘quitclaim deed form’ in this kind of a document.
Executed day is the date when the legal document was signed, executed, and completed by the parties involved.
A grantor is an individual who surrenders his rights to the piece of property to another party. This another party is known as grantee that may be a natural person, an LLC, a partnership, a corporation, trust or trustee.
A person who receives the ownership rights of the property that is being transferred is known as grantee.
It is the core of the deed that actually does the transfer of the property to a new party.
The consideration is what that to take over the ownership of the property the grantee provides to the grantor in exchange for the right.
This legal description states that the property in finer details. It describes the property’s features, specifications, location, registration, and other pertinent issues. It comes in three main kinds that are;
- Metes and bounds
- Rectangular survey
- Lot and block
All legal documents have to be signed to make them official. The grantor and the grantee have to append their signatures in order to make the form officially recognized by the state.
This section informs everyone that who exactly prepared the form. In many cases, the attorney prepared the form who acts on behalf of the grantor or the grantor himself. You may also like Special Warranty Deed Forms.
Free Editable Quitclaim Deed Form
Printable Quitclaim Deed Form
Faqs (Frequently Asked Questions)
The actual cost for getting this deed may vary from place to place and jurisdiction to jurisdiction. In some places, it may go for as little as $2 or to as high as $20 in some other places.
You may not require a lawyer to prepare the quitclaim deed. But, definitely, you require one to notarize it to make it official. While trying to make meaning of the terms used in the form and their legal implications, a lawyer’s input or intervention may be necessary from time to time.
In the place or location wherein the stated piece of property is found, many jurisdictions need that you pay a visit to a county recorder’s office in that place. Some may just require that that you download the form and fill it. After that, post it to a designated address.