The quit claim deed form is a different form of a warranty deed that covers no guarantees, warranties or promises to the grantee. Quit claim deeds are required by the seller who don’t want to convey any covenants to the interested party. If sellers don’t want to guarantee for the liabilities and titles then these forms are used. Let discuss below the facts about the quit claim deed;
Table of Contents
- Unlike any deed, they have least amount of protection:
- They are only accepted because of trust and know-how:
- They can be used to clear title defects:
- They are effective if the title is good:
- They only affect the ownership:
- What to include in a quit claim deed form?
- How to create a quit claim deed form?
Unlike any deed, they have least amount of protection:
Since it conveys the interest of the grantor in the property so it is also known as a non warranty deed. In this quit claim deed, the grantor releases and quit claims their property to the grantee. This means that there is no guarantee or promise about the title made to the buyer. The grantee has no right of warranty against the grantor if he doesn’t have any interest in the property. Thus, they have the least amount of protection.
They are only accepted because of trust and know-how:
You need to first think about the quit claim deeds when seller demands it because it makes no warranty about the quality of the grantor’s title. So, you should only accept it when there is low risk involved or no risk at all. You can accept it from the individual whom you know very well and consider trustworthy. These claims are not used for businesses in this litigious society. They are also not used for exchanged among people who are strangers. You can only use them for siblings or partners who want to add them to the title. You just have to make sure the credibility of the person.
They can be used to clear title defects:
In the history of real estate title, they are used to clear the defects. The issues that are present in the title are known as title defects. These may include missing signatures, usage of incorrect wordings, failure to record real estate documents, spelling mistakes, etc. By resolving any of the specific issue, you can present it in public records.
They are effective if the title is good:
Likewise warranty deed, quit claims can be conveyed effectively but only when the title is good. However, quit claim deed less is attractive to a grantee because it lacks of promises, warranties and guaranties. It is even seem appropriate if the grantor is unsure about the status of the title.
They only affect the ownership:
A quit claim deed exposes the guarantee to particular risks. Therefore, they are mostly used by family members. When the grantee wishes to have guarantees and promises then it is not used. It is only responsible to affect the ownership. It is neither responsible for the mortgages nor the warranties.
What to include in a quit claim deed form?
A quit claim deed form includes the following elements;
Grantor is the person who has currently the ownership of the property. Grantor can be an individual or a corporation.
Grantee is the person or corporation who is interested in buying the property and will become the new owner of the property.
Mailing address is the physical street address that includes no P.O. Box number.
It is the number listed on the property tax treatment. You can always visit or call your local court office if you are facing any difficulty in locating the parcel number.
The money that is given against the property by the grantee to the grantor is known as consideration.
During the quit claim deed by law, witnesses are required. The signatures of both the grantee and the grantor are witnessed by these people.
It is the description of the property that is going to be transferred to the grantee. This usually includes the details of the property.
A legal representative or attorney is the person who transfers the property to a notary public. To check the authenticity, they are responsible to confirm the signatures on the deed. You should also check Eviction Notice Templates.
How to create a quit claim deed form?
Let us discuss step-by-step how to create a quit claim deed form;
Write the names of the grantee and grantor:
The first step in creating a quit claim deed is listing the names of grantee and grantor. These are the people who transfer the right of ownership of the property to another party. Grantee is the person who is going to receive the title of ownership.
Deciding the consideration:
Decision for the consideration is the next step. In the property, for the interest, it is the price of the grantee who pays the grantor. The amount may vary. But if it is a gift then it has small amount ranging from $1 to $10.
Describe the property:
For the property, a legal description is the explanation included in the quit claim deed. You can explain and highlight the information only with respect to the property. There is no other information should be mentioned under this section. Additionally, a legal description of the property must include the parcel ID number.
Execution of the deed:
The last step involves the grantor putting his/her signatures on the deed in front of the notary public. They are filed in the registry office once they are signed and sealed. After being recorded, they are sent over to the grantee.
In conclusion, a quit claim deed form is only accepted by the purchaser when the property does not involve any risk. A quit claim deed is only agreed by family members or when the buyer is one who the seller trusts. It has no promises and guarantees for the real estate property. In addition, a quit claim deed requires least level of protection. You can also download quit claim deed form from any website.