A quitclaim deed is handled slightly differently from state to state, reports Realtor.com, but in general it needs to include three basic things: the legal description of what is being transferred, date of the transfer and the names of the grantor and grantee.Continue Reading
A quitclaim deed is the most simple of all property transfers. It is exactly what the title suggests, a deed by which a person literally quits the claim on any real property, says Land-professor.com. Unlike a warranty deed, which is used in most real estate transactions, a quitclaim deed does not make any guarantees that the grantor owns anything and it is not a warranty about the current status of the property.
Reasons for a quitclaim deed, states Land-professor.com, include transfer of property between family members, adding additional owners to the property, transferring land or mineral rights to a family trust or company, donating property, clearing up title problems, changing the vesting of the property and correcting errors in previous deeds. All of these do not include the transfer of money. If a property is sold, a Warranty Deed should be used.
Typically, the grantor needs to sign the quitclaim deed in the presence of a notary public who will sign and stamp the deed, according to Realtor.com. At that point, the document needs to be recorded by the county clerk in the county where the property lies.Learn more about Law