What is meant by quit claim deed?
What is meant by quit claim deed?
Key Takeaways. A quitclaim deed releases a person’s interest in a property without stating the nature of the person’s interest or rights, and with no warranties of that person’s interest or rights in the property.
What do you need to know about Quit Claim Deed?
What is a Quit Claim Deed. A quit claim deed transfers any interests a person (the Grantor) has in a specified real property to another person (the Grantee). Upon the transfer, all of the Grantor’s rights to, and interest in, the property are terminated.
Can a quitclaim deed be transferred to a grantor?
A quitclaim deed transfers or quits any interest in real property. A grantor —the individual transferring interest in a property—may not be in the title at all and can transfer an acquired interest.
What’s the difference between a non warranty and quitclaim deed?
Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only “remises, releases, and quitclaims” his or her interest in the property to the grantee.
What’s the difference between a quitclaim deed and an interspousal deed?
Quitclaim Deed vs. Interspousal Transfer Deed. A quitclaim deed is different from an Interspousal Transfer Deed. Prior to 1990s, it was common to use quitclaim deeds for transfers between spouses.
When do you need to get a quitclaim deed?
A quit claim deed is usually filed when someone is giving up their interest in a property. It is commonly used in divorce, when one spouse gives up his right, title and interest to the property to the other spouse. Procure your state’s quitclaim deed form.
How long does a quitclaim deed take?
It only takes days (7 maximum) for the Recorder’s Office to process and record the deed and the filing fee is dependant upon how many pages the deed consists of. Generally it’s about $30.00 to file a quitclaim deed.
Is a quitclaim deed valid?
Quitclaim deeds do not offer a warranty on the title and are more commonly used when ownership is transferred between related parties or when a property is conveyed as a gift. Because of this, quitclaim deeds can be valid without an actual monetary consideration listed.
Where can I find a quick claim deed?
Sign in front of a notary. You can find notaries at the courthouse, the land records office, or at most large banks. Take personal identification, such as a valid state-issued ID or passport. You will probably need to pay a small fee to have the quitclaim deed notarized.