In this case the title is "Quitclaim Deed" Executed Date This is the date that the legal document was completed, signed, and executed. Grantor This is the person or persons that is transferring their rights to the real estate to someone else. The term "person" can refer to a natural person, an LLC, a Partnership, a Corporation, a Trust or Trustee, or any other entity that can legally own real estate. Grantee This is the person that is receiving the ownership rights that are being transferred.
Again here, the term "person" refers to any entity that can legally own real estate. Habendum This is the meat of the deed, the legal speak which actually transfers the rights to the property. Generally it is a phrase similar to: " While in some cases a deed may be enforceable without consideration it certainly muddies the water. It's a good idea to check with a tax accountant before transferring real estate with a "no consideration" or "gift" deed as there may be tax issues. Legal Description Here is where the description of the property being transferred is listed.
The format of the legal description varies from state to state. The types of legal descriptions are: metes and bounds, rectangular survey, and lot and block.
The "lot and block" legal description is the most common however it depends on your state. Signatures Most states require only the Grantor to sign the deed and for it to be delivered to the Grantee for it to be valid.
Grantor's signatures usually must be notarized and in some rare cases separate witnesses must also witness the Grantor signing.
Prepared By This section lets the world know who prepared the deed. Generally this is the Grantor or an attorney. Executing a deed can also create issues with your mortgage such as triggering a due on sale clause.
Check with your title insurance provider or lender prior to executing a deed to see if there will be any affect on your policy coverage or mortgage. It is common during a divorce for one spouse to quitclaim their interest in a property to the other spouse.
If there is a mortgage on the property it is important that you understand this does not remove your obligation to the mortgage.
You could end up responsible for the debt with no say as to what happens to the property. Fraud and Abuse Unfortunately, there has been an increase in real estate fraud in recent years and many cases involve a quitclaim. Theft by forgery is the most common fraud committed. If you are purchasing real estate, especially from someone you do not know, and they offer to transfer the property to you using a quitclaim deed you should seek the advice of a legal professional or at the very least consult someone at a title company.
If you own real estate and are asked to sign a quitclaim deed, know that you are giving your real estate to someone else and you will not likely be able to get it back. This is common in a "save your home" type of scheme. Fraud is not a new issue, in a Michigan court Peters v Cartiera said this of quitclaim deeds: Under the cloak of quitclaim deeds schemers and speculators close their eyes to honest and reasonable inquiries and traffic in apparent imperfections in titles.
These requirements determine the content or text that is in the deed. Quitclaim forms must meet statutory conditions for content and format. In addition, many local recording authorities add requirements for margins, paper size, property identification, and many other details. It must be filed with the mandatory forms noted below. It is essential that the task of recording the deed is prioritized. Email Delivery. Word Download. How It Works.
How to fill out and sign DocTransTax online? The tips below will help you fill in Quitclaim Deed California easily and quickly: Open the document in the full-fledged online editing tool by clicking on Get form.
Complete the requested fields that are marked in yellow. Press the arrow with the inscription Next to move from field to field. Go to the e-signature tool to e-sign the form.
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