![]() ![]() In the context of a property transfer, consideration is money or something of value that a grantee gives a grantor in exchange for their property interest. Establish considerationĭepending on your state, you may have to specify a price at which the recipient is paying for the piece of real property. For example, if you are the sole owner of your home and want to transfer half of the interest to your new spouse, you would list yourself as both the grantor and a grantee and your spouse as only a grantee. It's possible for someone to be both a grantor and a grantee in a Quitclaim Deed. ![]() Within a Quitclaim Deed, there may be more than one grantee if the property owner is transferring their interest to multiple parties. The grantee is the party who receives interest in a piece of real property from another party.Within a Quitclaim Deed, there may be more than one grantor if two or more parties co-own a piece of real property. In other words, the grantor is the party whose name is currently on the title. The grantor is the party that transfers interest in a piece of real property to another party.Either party can be an individual, corporation, or trust. To complete a Quitclaim Deed, you must name the grantor and grantee. Generally, you can create and execute a Quitclaim Deed by completing the following steps: 1. However, you can create a Survivorship Deed if you want to transfer property to multiple people who will each have the right of survivorship. Our Quitclaim Deed template does not give you the option to include the right of survivorship. When one joint owner remains, they have sole ownership of the property.įor example, if spouses jointly own property with the right of survivorship and one of them passes away, the surviving spouse automatically inherits the deceased spouse's interest in the property without going through probate. What's a Quitclaim Deed with the right of survivorship?Ī Quitclaim Deed with the right of survivorship allows multiple people to receive and jointly own real property and ensures that after a joint owner dies, the property title automatically transfers to the surviving owner(s) without having to go through probate. ![]() Due to the lack of warranties for the buyer, Quitclaim Deed forms are only suitable when buyers have 100% trust in the seller. Fix a defect on a property title, such as a misspelled nameĪlthough it's less common, Quitclaim Deeds can also be used when you're selling and transferring a title to a buyer.Remove a spouse's name from a title during divorce.Add a spouse's name to a title after marriage.Transfer property interest to an organization.Transfer property interest from a trust to an heir.Transfer property interest to a family member, such as a child or spouse.You can use a Quitclaim Deed for a variety of situations. It's for this reason that Quitclaim Deeds are most common for property transfers between people who have established, trusted relationships.Īlternatively, a Warranty Deed provides protections for buyers and recipients of real property. Therefore, this type of deed offers no protection for recipients. If a recipient receives real property through a Quitclaim Deed form and the title ends up having a defect, the transferring party can't be held liable for any damages the recipient experiences. Without a guarantee of ownership, another party, such as a bank or other lender, could have a legal claim on the property title without the recipient knowing. How does a Quitclaim Deed work?Ī Quitclaim Deed works by allowing the owner to transfer residential or commercial real property to a recipient without making assurances that the title is clear of any defects. People commonly misspell this document as "quick claim” deed. In addition, Quitclaim Deeds are mostly used for transactions that don't involve payment.Ī Quitclaim Deed is also known as a non-warranty deed. Using a Quitclaim Deed form is a fast and straightforward way to transfer an owner's property interest to another party.īecause there's no guarantee of ownership, Quitclaim Deeds are most often used between people who have a trusted and established relationship, such as family members. A Quitclaim Deed is a document that transfers ownership of real property, such as a house or piece of land, without a guarantee of ownership. ![]()
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