Preparing your own quit claim form or warranty deed in addition to saving money will also allow you to be in control of the process instead of being on someone else’s timetable.
What is a Quit Claim?
If you are selling or transferring property, you will need a quit claim. A quit claim states that the seller(grantor) no longer has a claim to a property. The grantor transfers to the buyer(grantee) all of the legal or equitable rights the grantor has in the property that existed at the time of the conveyance. This instrument transfers property ownership rights without any warranties and does not end an obligation to re-pay any balance.
What is a Warranty Deed?
A warranty deed guarantees the grantor has clear title to a property that is being transferred to a grantee without encumbrances except for any that are recorded and that the grantee will have possession of the property following the transfer.
When Will You Use a Quit Claim?
You will use a quit claim form to transfer property ownership rights in the event of many circumstances such as divorce, estate planning or selling real property. Quit claims are usually executed between people that already know each other but not always.
In divorce situations, when real estate is involved and one person is going to keep the property, the other person will need to quit claim or give up their portion to the other person.
If you prepare a living trust or some other estate planning tool other than a Will, you will need to transfer ownership of the real property into the trust with a quitclaim deed.
After the forms have been finalized and to make the transfer of property valid, the grantee must file the quit claim with the recorder’s office or real estate office in the county of his state where the property is located.
Quitclaim and Warranty Deed Legal Forms
If you need to transfer the ownership of real property from one person to another, you will need to create a Quitclaim Deed (a document that states the seller no longer has a claim to the property) and a Warranty Deed (a document that states that the property is clear of liens and other title issues). Using this Find Legal Form package, the creation of these deeds is as simple as reading an instruction and filling in the blank!
