Want to transfer all your property to someone else? Well, you can always use a deed to do that. Deeds are legal documents that allow transfer of properties, be it a small land, an apartment or a luxurious home, to someone you favor. There are various kinds of deeds with its individual characteristics and benefits that allow you to successfully to do so which define the relationship between two parties- seller and buyer or grantor and grantee. Quitclaim Deed is one of them.
So when do you need a quitclaim deed? There are a number of instances when you would require such a deed to transfer a property. For such instances, you need a Quitclaim deed form to get on with it. Such forms are available in template format at various sites online. They are available in the form of professional templates which you can use and simply download in order to transfer your property quickly and easily.
Usually, when a property is bought or sold, there’s something called a ‘title’ in a deed which guarantees ownership of a piece of land or property. This ‘title’ essentially refers to a new owner and an understanding between the two parties which allows its new owner to actually claim it as its own. This is what happens in a traditional deed like warranty deed and so on which essentially guarantees that the new owner will get their property as per the terms of documents.
However, for quitclaim, this is a bit different. In a quitclaim deed, there are no warranties given upon the title of a document and the seller merely divulges their own interest in the property and conveys the same to interested parties. The interest of the seller may vary- he might be the sole owner or he might not have any rights to claim that particular property as his own. Thus, a quitclaim deed passes only the title, right and interest of the seller which they possess at that particular time and makes no promises or guarantees with regards to the property.
However, it is important to note that Quitclaim deed once signed, is not reversible. Once the deed is signed, the seller won’t be the owner of that property anymore, unless the buyer ‘quitclaims’. This means that the seller would be giving their property back by stating and refuting any claims to that property. However, if its new owner doesn’t agree to quitclaim, then the grantor has to prove that the grantee had lied, used extortions or threats to obtain that particular property.
You can get the best possible format for Quitclaim deed, all you need is to visit professional websites and get the best one which suits your requirements. It will save your precious time and will offer clutter-free appurtenance to your quitclaim deed.
Quitclaim deeds are commonly used among people for various causes. Because of its characteristics, it is not a favorable tool to be used for real estate deals between strangers, but it is an often used tool among families for various cases. They are used:
To transfer real estate between family members this consists of transferring of property between parents and children, between siblings, between spouses and other family members.
To Transfer property to a Trust. This is particularly helpful if a property has to be kept within a family for generations.
To remove or add your spouse to the title. This is particularly helpful during a divorce or a marriage, where a quitclaim deed can simply remove or add to or from the title the name of your spouse.
For title insurance.
To transfer a property to LLC or a corporation. Quitclaim deeds are profusely used for corporate transfers between entities.
For tax deed sales. When a property is sold at an auction to recover its outstanding debts, a quitclaim deed is brought up.
Quitclaim Deeds are really important in today’s world, not only to protect your property but in order to refute any claims against it. Though a quitclaim deed doesn’t guarantee ownership of a property, but it invariably removes any ‘cloud’ to the title. Any party who is not interested in a property just has to bring up a quitclaim deed in order to convey their interest in that disputed property. It invariably provides sole right to one party and allows quick transfer of property without wasting much time or money.
However, it doesn’t guarantee ownership as anyone might be able to challenge the Title of a property. This is why; it is not so widely used in real estate because of significant risks involved in the transfer of property.
Quitclaim deeds are consistently used in divorces as a tool to transfer the property rights quickly, especially when your marital home is concerned, without any problem. To do so, all you need to do is download a professional template for quitclaim deed form and simply print and fill up its requisite details.
However, the transfer of rights of a property from one person to another; however, does not affect the mortgage. Like for example, you have divorced your wife and have quitclaimed the property. But your name still exists on the mortgage bonds. If your wife doesn’t pay mortgage, the lenders will come after you to seek money since your name is on the mortgage papers. Thus, it is essential that you settle your mortgage papers and change the necessary names before going for the quitclaim deeds. This also applies to any outstanding loans that you might have against that property. Settle those loans before you quitclaim the property during your divorce. Get the best format available online to frame the quitclaim deed form without any hassle. They are pre-formatted and they can be edited also. So just download them and make editing according to your need.
A quitclaim deed form, like any other deed, has various elements which you need to understand. While the form might differ from one country to other, the basics remain almost same. You can obtain a professional template of that form online and get rid of all the hassles involved in acquiring one. Listed below are some essential elements of the deed form:
Title which asserts the kind of document it is. In this case, it would spell out ‘quitclaim deed’.
Executed date which refers to the date on which it was signed, completed and executed on.
Name of Grantor which refers to a person or entity that legally owns the properties and would be transferring the properties to another party.
Name of Grantee which refers to a person or entity that would be receiving the rights to the property and would later legally own it.
Habendum which is the most crucial part of a deed. It is the legal term for transferring a particular property and which invariably states so.
Consideration refers to what the grantee considers in terms of taxes and such other things, in exchange for the rights to the property.
Legal description defines or describes the property in question. There are different types of legal description like metes and bounds, rectangular survey and so on and out of which, the most commonly used one is lot and block.
Signatures which require the Grantor to sign the documents before being sent to the grantee. The signature of the grantor has to be notarized and in some cases even be substantiated with the signatures of witnesses.
Prepared by refers to a person who prepared the deed documents. This could be the grantor or an attorney appointed by them.
Remember that you can skip all these points in your Quitclaim deed; all you need to do is to download professional templates available online. They will not only save your time but will also provide you with a great format. Moreover, these templates are available free of cost and they can be also downloaded in MS Word, Excel, and PDF version. So, opt for an online ready-made template instead of framing it by your own. What say?
As stated earlier, Quitclaim deeds differ magnanimously from a warranty deed. A Quitclaim deed transfers property to a grantee without any guarantee or warranty and the grantor might not even have any title to the property. Whereas, in a warranty deed, the grantor signs the deed under the pretext of having a title which is free of any disputes and ownership of the property is warranted.
In a warranty deed, a grantor is liable for any challenges to the title whereas, in a quitclaim deed, the grantor possesses zero liability.
While warranty deeds are mostly used in real estate to build up confidence in the title during the transfer of property, Quitclaim deeds are mostly used among families to transfer properties.
Thus in its own ways, both have special features which make it useful in individual areas.
Try the professional templates available online absolutely free of cost in order to get the best results.\
So, you have finally decided upon going for a quitclaim deed to transfer the property. Well, do you know how to fill out a quitclaim deed form and the documents you will require? Moreover, do you know how to create one? Well, listed below are some steps following which you can fill up a deed form without any hassle. However, just to be a bit more cautious it is essential that you appoint an attorney to oversee the procedure and get any necessary advice from them to prepare and fill those deeds. If you are a grantee, then appoint an accountant, to consider the taxes and loans associated with it.
Listed below are some steps to fill out the quitclaim deed form:
Get a deed form. You can obtain a form from your attorney, or get it from online. You can simply download a template and fill it up. You can even get it from an office supply store or get it from your local county recorder’s office. You can even use one you obtain from a friend or relative.
Fill in the name of the grantor and grantee in the necessary space provided. The grantor is the person who is transferring the property and the grantee, the one receiving it. Also, fill in the address of the Grantor if required in the space provided.
Fill in the legal description of that property. This records the property of interest and its various measurements and can be obtained from the local recorder’s office to get a copy of the deed to the property.
You can even hire land surveyor in order to get the legal description of the property, in case you have changed certain aspects of it. A surveyor will be able to provide with correct measurements of your property upon which you can fill in the legal description.
Write all the necessary details on the blank deed and get a notary to verify the signature of Grantor. This can be done by the grantor physically signing the deed in the presence of a public notary.
You can insert or mention any special clauses or conditions which may be an outstanding loan on it, or any restrictions imposed and such other things.
Once everything is filled, take the deed to the local recorder’s office and get it recorded in public records. You need to pay a certain fee depending on the value of the property and the number of pages your deed contains.
Fill out the preliminary change of ownership form while recording the deed, available free, with the necessary details which determine the taxes you have to pay.
Once you have gone through it all, the deed will allow transfer the property as per your requests. However, if you are confused by any aspect then contact an attorney immediately and seek their help for the entire procedure.
You can simply obtain a quitclaim deed form from online. There are various templates available for you to choose forms and these templates prove to be extremely helpful especially when writing up a legal deed. It not only saves a lot of time in creating and typing an actual form but also saves you from any embarrassment in failing to comprehend any terms and understand it fully.
To download such a template form is easy as well. You just need to visit the site of your choice, download and print it. You can input the requisite details and go on with the proceedings.