A quitclaim deed is a legal transfer of real estate ownership, usually between family members, explains Nolo. A quitclaim deed records the names of the parties, the owner or the grantor and the receiver or grantee, gives a legal description of the property being deeded and is signed by the current owner of the property. A quitclaim deed removes any interest in the property that an owner may have.Know More
A quitclaim deed must be notarized or signed in front of a notary who stamps it, according to Nolo. Some states also require witnesses or the grantee to sign. In all states, the deed is recorded in the land office in the county where the property is located.
Divorcing couples frequently use quitclaim deeds when one of them retains the family home. The quitclaim deed, however, does not remove legal responsibility for a mortgage on the property, according to Nolo. Lawyers.com explains that a parent can use a quitclaim deed to transfer property to a child to keep the property out of probate court, for example. There can be serious tax or other financial consequences for the grantor who signs a quitclaim if the property is sold before he dies. Quitclaim deeds are also extremely difficult to reverse, notes Lawyers.com. If the grantor ever wants ownership back and the grantee does not agree, then the grantor must prove lies, coercion or threats were used to get him to sign.Learn more about Law
In Michigan, a quitclaim deed is used to transfer the grantor's interest in real property. The quitclaim deed can be useful for transferring property expediently without the verification of liens, warranties and ownership.Full Answer >
A name can be removed from a property deed by creating a new quitclaim deed. A quitclaim deed is commonly used to transfer property ownership from one person to another without the need to sell the property, notes realtor.com. With this type of deed, there is no need for a title search or title insurance.Full Answer >
A letter to transfer the ownership of a house must be written in the form of a quitclaim deed, a grant deed or a warranty deed, according to LegalZoom. For all three documents, the basic information must include the names of the old and new owners, a description of the property and the signature of the old owner, according to Nolo.Full Answer >
When executing a quit claim deed, the sections of the form are filled in with information attesting to the amount, description and transfer of the property, according to TheLawDictionary.org. Quit claim deeds are popular in part because of their simplicity.Full Answer >