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When do you need to use a Quit Claim Deed?
There are many distinct reasons as to when you may need a Quit Claim Deed. Here are the most common uses:
- Family: transfers to and from family members (grandparents, children, siblings)
- Marriage: a married property owner wishes to add his or her spouse to the title.
- Divorce: allows one party to release his/her interest in the property, typically part of a settlement agreement.
- Estate Planning: transfers ownership to a trust.
- Business: transfers property to a business.
- Chain of Title/Title Defect: a title insurance company locates a party with potential interests to property and request they waive those interests or to remove “clouds” on the title (corrects misspellings or wording discrepancies).
- Public Auction/Tax Sale: the buyer assumes the risk of a defective title.
It is crucial to record your Quick Claim Deed with your local probate office. This gives public notice and establishes priority for the Grantee’s claim in ownership. It should be recorded in the county where the property is located. Remember, the clerk does not guarantee a perfect title.
What are the main things that go on a Quit Claim Deed?
A Quit Claim deed should clearly and accurately identify the following:
- The Grantor(s) – Who is transferring or selling the title? And their address(es)
- The Grantee(s) – Who is buying or receiving the title? And their address(es)
- The Preparer – Full name and address of the prepare
- The full legal description, including property location. Typically, this information is found on the original deed. You can also obtain the legal land description for the property from your local Probate office where the property is located/where the deed was recorded.
- The date the deed was executed, along with all required signatures, and acknowledgments.
- The consideration, the property is being transferred in exchange for something of value. Usually, it is a nominal amount ($10.00).
What are the most common mistakes to avoid?
An important note to remember with a Quit Claim Deed is that it does not affect a mortgage. A Quit Claim Deed only transfer’s the property’s title, but not a mortgage that a grantor may have.
It is also essential to remember that this is a “Non-Warranty Deed,” meaning there is no title search and no insurance. It is a risk, so it is a good idea if you trust the parties involved; this is why this is common between family members or other small groups.
Why use our Quit Claim Deed generator?
Our Quit Claim Deed generator conducts an interview-like process. You will be asked questions about your property and all relevant parties to the deed. Our process is quick, easy, and efficient. You will be able to download the form as soon as you complete the questions, and your document will be tailored to fit your needs. You can also come back at any time and make any additions or revisions you see fit. Our tool has a subscription plan so you can create unlimited Quit Claim Deeds at a low cost.