The Quitclaim Deed Process
A quitclaim deed, often erroneously referred to as a”quick claim” deed, is a legal process utilized to quickly (hence, the incorrect”fast”) transfer interest in a part of real property. The party who moves his interest in the property is called the grantor, while the party who takes interest from the grantee. Quitclaim deeds are so called as the grantor literally”stops” any claim to your property, letting him pass his interest on to the grantee.
Creating the Deed
Developing a quitclaim deed is comparatively straightforward. The grantor merely must write a simple deed on paper, which must state somewhere that the document is a”quitclaim deed,” rather at the very best. Beneath the name, the document should incorporate the grantor’s title, the grantee’s name and the address and/or plot quantity of the property in question. The deed must express the grantor’s desire to quit any interest in the property and to transfer that interest to the grantee. Neither party should sign the deed until they’re in the presence of a viable witness. Alternately, the grantor may use a form to produce the deed, or adhere to a sample deed as a manual. Maintaining an attorney to draft the deed is sensible to protect both parties’ interests, but it’s certainly not mandatory.
Finalizing the Deed
After the grantor is prepared to complete the transfer, he should sign the quitclaim deed in the presence of a neutral third-party witness. This witness must sign, testifying to the veracity of the signature. Few countries require a notary public to function as the witness and notarize the deed, however it is not a bad idea to do so if your state doesn’t have such a necessity. The grantee may also signal the deed currently, though most states do not require that the grantee to be present at the time that the deed is finalized.
Offering the Deed
When the grantor finalizes the deed, then he should send it to the grantee, that must accept it. This may be done via courier delivery (like certified mail), although it’s much more common for the grantor to just hand the grantee the deed.
Moving the Property
With the deed currently in hand, the grantee then presents the deed to the title company. Here, the name company removes the grantor’s name from the property name and, if necessary, adds the grantee’s title. The name company reissues a new property name to the grantee, at which stage the land legally moves. The grantee currently owns the land within any constraints of the grantor’s original claim to the name.
Recording the Move
The last step in the quitclaim deed process is to record the property transport. When the grantee gets the new land title, she must bring the name to the local office of the county recorder (also called a county clerk, deed registrar or property cheque in some areas) from the county in which the land is located. Here, the grantee typically completes a brief form and pays a minimal fee, which varies depending on the specific county. The county recorder subsequently creates a fresh record of their property transport, which becomes a matter of public record.