IIn the world of real estate law, the concept of property is expressed by means of interest, which must be stated on title. When title to a property is held in a simple manner, the interest can be easily transferred by means of a simple act of conveyance such as a quitclaim deed.
In essence, a quitclaim deed is a document that certifies the transfer of interest on title to a property from one party to another. The basics of a quitclaim deed is that a party must give up certain rights to the property for the purpose of transferring those rights to someone else; for this reason, it is highly advisable for property owners to consult a legal professional before choosing this method of conveyance.
The first step is to determine if a quitclaim deed is the right conveyance. Executing an improper deed may result in the loss of marketable title, which means that it may be difficult to sell the property in the future unless legal remedies are applied. The most common use of quitclaim deeds is to add or remove a family member from title, but it can also be used as part of a marital arrangement.
The second step is to check the procedural guidelines set forth by state law. Not all states have the same view with regard to how real property can be held. Some states may have a preferred format for these documents; this can be determined by a visit to the law library of the local courthouse.
The next step is to review the existing deed, which may require a visit to the property recorder’s office. If the deed does not have a property registry or parcel number, it must be obtained from the county assessor’s office.
A quitclaim deed is preambled by a listing of all parties along with their full, legal names as they appear on their driver’s licenses and their county of residence. Whoever currently holds title to the property must be assigned the title of Grantor, and the intended recipient is a Grantee. The statement of conveyance must follow, and it must clearly state that the Grantor is giving up rights to the property by transferring them to the Grantee.
The next portion of the quitclaim deed is the legal description of the property, which can be found on the original deed. The contractual consideration follows, which is often expressed as $1 when transferring between family members. The next section is the signature block with the names of all parties plus the date of execution. The final block is for a Notary Public to witness the signing of the deed, which must then be taken to the recorder’s office for formal registration.
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Author: Jay White
I started Dumb Little Man so great authors, writers and bloggers could share their life "hacks" and tips for success with everyone. I hope you find something you like!