A quit claim deed is a simple and easy way of transferring your interest of a property to someone else. Quit claims do not involve in-depth searching of property records, but there is a need for you to hire an attorney to ensure that everything flows as smooth as possible.
Filling out a quick claim deed is not that difficult. You just need information about the property and the details of the person that you will be transferring the property to. However, it can prove to be a bit confusing especially if you are doing this for the very first time. No worries though because we’ve got you covered not only with the process of filling out the form but also with the templates that will help make this an easier task. You may also see grant deed forms.
Need more information about quit claim forms? Just make sure that you keep reading this article.
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What Is a Quit Claim Deed?
A quitclaim deed form is basically a legal document that is used when a property’s ownership is transferred to another individual or entity without the need for the property to be sold to the other party. For transactions involving a quit claim document, money is not involved, there is no need for titles in order to verify the ownership of the property, and there is also no need for an insurance for the title to be issued because, as mentioned earlier, there are no titles involved.
Facts about a Quit Claim Deed
Real estate agents also make use of quit claim deed forms; however, they are typically used by parties who already know each other such as family members. With that being said, the parties involved are usually more likely to accept any risks that may come up because buyer protection is lacking.
Since there is a lack of buyer protection when it comes to quit claim deeds, it is important that you have a good understanding of what you are getting yourself into. Here are a couple of things that we would like to share with you regarding quit claim deeds. You may also see sample claim forms in PDF.
1. There is no buyer guarantee and warranty. Since there is no title and money involved, a guarantee and warranty cannot be issued.
2. Transact with a quit claim deed from trusted grantors. You want to avoid as many risks as possible when it comes to transactions. Since there is no warranty and guarantee when it comes to quit claim deeds, you want to make sure that you only transact with people that you highly trust or that you already know to ensure that you avoid risks as much as possible. Transacting with family members and friends are fairly common when it comes to this legal document. You may also see sample deed of gift forms.
3. Cure defects in the title. Defects in the title can refer to the wording, missing clauses, missing signatures, misspellings in names or the address, or missing information that is important for the real estate records. You may also see claim forms in word.
4. They have the same power as a warranty deed or a transfer of ownership. However, the main difference is the fact that it does not involve money at all. The lack of warranty also makes it less attractive to a grantee because lack of warranty is equal to a lot of risks. When a grantor is unsure of the current status of the property’s title, whether there is a defect in the title or otherwise, a quit claim deed can help out. You may also see deed of release forms.
5. A quit claim only has an effect on the ownership but not the mortgage on the property. Since there is no money involved, you want to make sure that when you enter a quit claim deed, the property being transferred does not have a mortgage. However, there are cases wherein there is a mortgage on the property. In these cases, the grantor is still the one who is liable for the mortgage, not the grantee.
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Filling Out a Quit Claim Template
There are a couple of things that you need to remember when it comes to filling out a quit claim deed form. Here are a couple of tips.
1. Gather Pertinent Information First
- Make sure that you are able to find the legal description of the property first. To do this, you need to go to your county office and get the latest deed of the property. Make sure that you secure a copy of the property deed and also secure a copy of the property description. Including a property description can help to eliminate any confusion and also eliminate the possibility of the deed from being challenged.
- See the updated status of the property. The transfer of the property does not mean that the grantee is going to be responsible for the property’s tax once it is already transferred. You just want to make sure that taxes are up to date to ensure that you will not encounter problems in the future. If you ever have any questions regarding the property and its taxes, you can consult a tax professional or a public accountant.
- Decide when the transfer would take place. Once the document is already processed, you want to make sure that the transfer occurs as soon as possible or if you want it on a later date, just make sure that you state it in the deed form.
- Confirm if the deed you are making use of the correct deed form. Just ensure that you know that the quit claim is the form that you need.
2. Complete the Deed
- Browse through the templates that we have. We have included in this article a couple of free claim forms that can help you get a head start on creating your deed. Just make sure that you choose the one that you feel best suits the situation that you are currently in.
- Enter the correct information. The form you will choose will typically just ask you to fill out the necessary details that are important for your transaction.
- Include the name of the grantor and the grantee correctly. Make sure that you include the legal name and the complete address of the parties involved.
3. How to Execute the Deed
- Review your state laws. Laws regarding quit claims may differ for every state. So you have to make sure that you are abiding by the laws dedicated to these situations. Make sure that signatures are reflected as a lot of states require that the deed is signed by the parties involved. You may also like quit claim deed samples.
- Look for a notary. It would be best to have a notary present when the document is signed. Prepare to pay a few dollars when it comes to hiring a notary public.
- Record the deed. Have the county recorder have a record of your quit claim deed. This way, you will be able to avoid possible problems that may occur. Prepare a couple of dollars to pay to the county recorder for processing the recording of the deed. This is not a necessary step but it can be a way of making sure that you do not have any problems.
We hope that you learned a lot from this article. Remember that quit claim deeds vary from case to case but there are always similarities since the basic format of a quit claim form is the same for all.
So what did we talk about in this article? Check out the list below:
- The quit claim deed will always contain information about the grantor and grantee.
- A legal description of the property is needed.
- This document is typically used by parties who already know each other such as families and close friends.
- The date when the property will be turned over to the grantee should always be in the document.
- Making sure it is signed, regardless of whether a state recommends it or not, will help to avoid any issues in the long run.
Are you getting curious about warranty deed forms? Check out General Warranty Deed Samples to find out more.
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