If you need to file a quitclaim deed, it is usually a simple process to prepare and execute. First, you will need to know some basic deed terminology. Here are three terms that are important:
Deed – You can transfer the ownership of real property with this legal document
Grantor- This is a person who is transferring their ownership interest in real property
Grantee – This individual is the person who an interest in real property is transferred to
How Is A QuitClaim Deed Filed?
The main purpose of a quitclaim deed is to transfer the ownership of real estate from one person to another. If you use this type of deed to transfer property, there is no guarantee from a title insurance company. A grantor transfers their interest in some property that they own without any examination to make sure that all legal ramifications are correct. If there are any legal problems after this type of deed is made, the grantee does not have any standing by which they can sue.
Why Is It Used?
A quitclaim deed is usually used when a grantee is 100 percent sure that the grantee is the owner of the property in question. Typically, these type of transfers are made if you are getting married or have complete trust in the other party. They are also used if you are involved in a divorce as they can quickly remove your name or your spouse’s name from a deed.
Warranty Deeds
If you are involved in a real estate transaction that involves the transfer of property and you aren’t associated with the buyer or seller, you would want to use a warranty deed for the transfer. This type of deed guarantees the grantee that everything is legal with the title. This type of title will be checked by a title insurance company to make sure that it is authentic and that all legal ramifications are correct.
Quitclaim Deed Requirements
To be valid, it is necessary for a quitclaim deed to be notarized by a notary public or an attorney. A quitclaim deed should include the following information:
– The date that the property will be transferred
– Name and address of the grantor
– Name and address of the grantee
– Legal description of the property
– The sales price of the property — Use one dollar if there is no sales transaction taking place.
– Tax parcel number
Once a quitclaim deed has been signed by all parties involved and notarized by a Notary Public, it should be filed in the same county where the property is located. Typically, this is done at a county auditor’s office.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!