Generate Quitclaim Deed
A quitclaim deed is a legal document used to transfer ownership of real property from one party, the grantor, to another party, the grantee. This type of deed is commonly used in non-sale situations, such as transferring property between family members.
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What is a Quitclaim Deed?
A quitclaim deed is a legal document used to transfer ownership of real property from one party, the grantor, to another party, the grantee. Unlike a warranty deed, a quitclaim deed offers no guarantees or warranties about the title of the property. This type of deed is commonly used in non-sale situations, such as transferring property between family members, adding a spouse to a title, or resolving title defects.
When to use a Quitclaim Deed
Quitclaim deeds are commonly used in the following situations:
Transferring property between family members: Such as from a parent to a child, or between siblings.
Adding or removing a spouse: When getting married or divorced and wanting to add or remove a spouse from the property title.
Transferring to a trust: Moving property into a living trust for estate planning purposes.
Clearing title defects: Resolving minor title issues such as misspelled names or other errors.
Transferring to an LLC: Moving property ownership from an individual to a business entity.
What should I include in my Quitclaim Deed?
Grantor and Grantee information: Full legal names and addresses of both parties.
Legal description of the property: The exact legal description as it appears in public records.
Consideration: The value exchanged for the transfer, even if nominal (e.g., $10).
Parcel number: The tax parcel identification number found on property tax bills.
Signatures and notarization: Signed by the grantor and notarized, as required by most states.
Effective date: The date the transfer becomes legally effective.
Frequently Asked Questions
A warranty deed guarantees that the grantor has clear title to the property and the right to sell it, and provides the grantee with legal protection against any future claims. A quitclaim deed transfers whatever interest the grantor has in the property with no warranties or guarantees. Quitclaim deeds are typically used between parties who trust each other, such as family members.
In most states, a quitclaim deed must be signed by the grantor in the presence of a notary public. Some states also require one or two witnesses. After signing and notarization, the deed must be recorded with the county recorder or register of deeds in the county where the property is located.
Consideration refers to the value exchanged for the transfer of property ownership. It represents what the grantee provides in return for receiving the property from the grantor. Even when transferring property as a gift, it is advised (and required in some states) to specify at least a nominal amount, such as $10.00, to validate the transfer.
A homestead is a property that serves as the owner's primary residence. Many states provide special legal protections for homestead properties, including exemptions from certain creditors and reduced property taxes. When transferring a homestead property, some states require additional steps such as spousal consent, even if only one spouse is on the title.
No, a quitclaim deed only transfers ownership interest in the property, not the mortgage. The original borrower remains responsible for the mortgage unless the lender agrees to a formal assumption of the mortgage by the new owner. Always consult with your lender before using a quitclaim deed if there is an outstanding mortgage on the property.
