What does commonly known as mean on a quit claim deed?
A quitclaim deed is a legal instrument that is used to transfer interest in real property. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
Do you need a quitclaim deed to change the name of a property?
These documents can add and remove vested owners of real estate. If you need to change the ownership of a property, even if it is only to change the legal name, you must execute a quitclaim deed. These documents are straightforward, but they must be witnessed by a notary public.
What should be included in a quitclaim deed?
The quitclaim deed form must include the property’s legal description, the county in which the property is located, the date of the transfer, and the name of the person transferring the property, known as the grantor, and the name of the person receiving the property, or grantee.
Can a quitclaim deed be used to transfer a gift?
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder’s Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.
How does a quitclaim deed differ from a joint tenancy?
This differs from joint tenancy in that the parties do not need to have equal interest in the property, and if one of the property owners passes away, there is no right of survivorship. Instead, the deceased’s interest will pass to their heirs.
Can a quitclaim deed be used to transfer title?
A quitclaim deed transfers title but makes no promises at all about the owner’s title.
When did quitclaim deeds become common in the US?
Quitclaim deeds were not common in the United States until the mid-1800s when property ownership started to mature after the revolutionary war. (Fig2.) Prior to that, real property was transferred primarily via a process that involved warrants, surveys, and land patents.
When do you need to Change Your Name on a real estate deed?
Name Changes and the Real Estate Deed. If you have an interest in a piece of real estate, your ownership is reflected by your name on the deed. There are all sorts of reasons, short of a sale or purchase, requiring a name change on a real estate deed. Life happens, and that means marriage, divorce, death or just the changing of a legal name.
Can You List yourself as a grantor on a quitclaim deed?
Yes, you can do this by listing yourself as the Grantor, and both you and the other person as the Grantees. Each Grantee would receive an equal share of the property. For example, if there are three Grantees including yourself, then each Grantee will receive a one-third interest in the property.