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Dealing with real estate transactions can sometimes be an overwhelming process with the many different avenues that there are to explore. This is especially true when it comes to the various deeds that can be filed.
If you have ever had to deal with real estate deeds in any way, then you likely know that they can sometimes be difficult. Quitclaim deeds, on the other hand, are said to be the easiest to file, yet they can be less reliable.
If you are wondering what a quitclaim deed can do for you and how to file one, keep reading below.
What is a Quitclaim Deed?
When it comes to quitclaim deeds, you should understand that they are typically used in cases where a property is not being sold. Instead, these types of deeds are used to transfer ownership or even add someone to a deed in various circumstances.
Some of the cases where a quitclaim deed can be filed are in the instance when a piece of property needs to be transferred from one family member to another. In this type of case, there is no sale involved and a quitclaim makes it easier to deal with.
Other instances when a quitclaim may be used are in the case of a marriage or divorce. When someone gets married, they can file a quitclaim deed to add their spouse to the deed, and the same can happen if the couple divorces.
In other cases, if you inherited a property from someone who passed away, a quitclaim deed is used to quickly solve the issue. Because there are so many different ways that a quitclaim deed can be used, a person can get it done quickly.
One important thing to consider when it comes to quitclaim deeds is that they do not make any guarantees about the said property. This means that there could be a risk that the grantor of the deed may or may not have rightful title to the property, but the signer of the deed takes that risk.
Types of Deeds
When you are dealing with real estate transactions, there are many avenues that you may have to go down. Depending on the type of property you are dealing with and the circumstances under that, you may have to file certain types of deeds to complete the transaction.
Wondering what types of deeds apply to various real estate transactions? Read on to find out more.
A general warranty deed is said to be one of the most solid forms of deeds that exist when dealing with real estate transactions. This is because it makes certain assurances that the person selling the property has the ownership rights to do so.
Various warranty deeds are typically used when the property in question is being sold to another party. This assures that the property is free and clear and can be sold by the person making the guarantee.
What makes this type of deed stronger than others is the fact that not only is the current property owner checked out, but the history is also checked. This means that if there are any breaches in property ownership over the years, they will be found during the selling process.
This type of real estate deed is used typically when there is a sale of a commercial property to one party by another. This type of deed, similar to the general warranty deed is used to prove protection against the unlawful selling of a property.
This means that for this type of deed to be used, there are certain assurances that the property is free and clear for as long as the current owner has had ownership rights. The individual who purchases this type of property can be assured that no one else can stake a claim on the property and if they do, the current owner is not liable for it.
As stated previously, a quitclaim deed does not involve the sale of a specific property by the current owner to another party. This type of deed is typically used in the case of a property’s ownership is transferred from one party to another.
It is important to keep in mind that this type of real estate transaction has a great risk to the person on the receiving end. This is because there is no guarantee that another person can stake a claim on the property at some point in time.
How to File a Quitclaim Deed
If you have found yourself or someone you know in the position of beginning the process of estate planning, you may need to know the steps of filing a quitclaim deed. If you own property that you want to leave to someone else, then filing this type of deed is the next step in the process.
In other circumstances, such as the case of a marriage or divorce, you may also find yourself in need of filing a real estate transaction. This may be due to the need to either add someone to a deed or remove them, depending on the situation.
Another point you should consider when starting the process of filing a quitclaim deed is that the terms may vary in different states. Before you consider filing this type of deed, you should always consult with a legal professional in your state.x
If you are ready to file for a transfer of property and plan to use a quitclaim deed to do so, then you will need to know the proper steps that are involved.
Find the Right Form
The first step to filing a quitclaim deed is to find the right form depending on the state in which you currently reside. In most cases, this means either talking to your legal representative, or real estate agent or doing a bit of research.
No matter the source you use, they will likely direct you to either an online source or other places where you can download and print the form out. In many cases, you can also find the form in the office of the county clerk in your city.
Complete the Form
Filling out the form before filing your quitclaim deed can be fairly straightforward, as long as you have a few pieces of information readily available. Keep in mind that if you are working with a real estate agent or legal professional, they will likely be able to help you with this information.
One of the most important pieces of information you will need is the APN, or assessor’s parcel number for the property in question. You will likely find this information on your various documents for the property including the deed.
Have the Form Notarized
Once you have completed the quitclaim deed form with all of the required information, you will then need to have the document notarized. Since the deed is a binding and legal document, having it notarized deems it to be a valid document.
Keep in mind that when you take the document to a notary public for their certification, you will need to provide certain information to them. This is required before they give their authorization that what they are signing is valid.
Ensure You Have all the Paperwork Ready
After having the document notarized, you are almost ready to file your quitclaim deed, however, there are a few things you will need to have prepared. Since you will need to file the deed in the county where you live, they require certain documents to be brought to them at the time of filing.
While many counties will vary in what they require, here are some of the most common documentation you will need:
- Document of Tax Transfer, if required by the county
- Preliminary Ownership Transfer Information
- Notice of Exemption on the transaction
Submit the Form to the County Clerk’s Office
The final step in the process to file a quitclaim deed is to present all of the forms mentioned above to the county clerk’s office. These forms and the appropriate fee will start the process of filing your quitclaim deed in your county.
As always, you must work through the process with a legal representative to ensure that you have followed all of the requirements.
When Should You File a Quitclaim Deed?
Since a quitclaim deed does not make certain assurances to the person receiving the property, this type of deed should be used only in certain circumstances. In most cases and states, it is only recommended that this be used in cases where the parties involved are close family and they know that the other parties are not attempting to deceive them.
Can a Quitclaim Deed be Overturned?
It is important to note that in some cases, it may be necessary to overturn a quitclaim deed. Depending on the circumstances, a quitclaim deed can be overturned if either the parties are in agreement or the transaction is deemed to be illegal.
Reference Legal Explanations
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"How to File a Quitclaim Deed". Legal Explanations. Accessed on March 2, 2024. https://legal-explanations.com/blog/how-to-file-a-quitclaim-deed/.
"How to File a Quitclaim Deed". Legal Explanations, https://legal-explanations.com/blog/how-to-file-a-quitclaim-deed/. Accessed 2 March, 2024
How to File a Quitclaim Deed. Legal Explanations. Retrieved from https://legal-explanations.com/blog/how-to-file-a-quitclaim-deed/.