Namely, it should be clear that the deed cannot offer the grantee (s) any of the following in regards to the title of the property: The form will also need to be signed and acknowledged in accordance with state law requirements.īefore using the form type, there are some important considerations to keep in mind. The type of title the grantee will hold (e.g., tenancy in common, tenancy in entirety, etc.), and.The amount of consideration (in dollars),.The names, addresses, and marital statuses of the Grantor and Grantee,.An example is a parent company looking to transfer land and/or buildings to one of their subsidiaries (a subset/acquisition of a company).Ī quitclaim deed should include the following information: In addition to being used as a means of transferring residential property, quitclaim deeds can be used for commercial property as well. Similar to transferring property to a family member, the deed is commonly used after a divorce or marriage to add or remove a spouse to the property’s title. Another person (who was previously unknown) having an interest (ownership) in the property, or.Formatting requirements not being property followed,.Title defects are known as “clouds” and result from property that was not transferred correctly. The reason it is more commonly used among families is because of the trust that commonly exists, unlike a transaction involving two (2) unfamiliar parties. Transfer property among family membersĭue to the limited protections offered by the deed, it is most commonly used for transferring property among family members, such as a parent to a child. The deed has four (4) general purposes, which are: 1. Although the deed is less secure, the decrease in protection allows the form to be completed and recorded far quicker and is the most obvious solution for parties that trust each other.
Hypothetically, if a property was actually owned by two (2) individuals, and just one (1) of the owners signs the title over with the quitclaim deed, the title would not transfer due to the other individual also owning the property. The quitclaim deed is different than the warranty deed in that it offers little to no protection for the individual(s) receiving the property in that the property is solely owned by the grantor. It is one of the two (2) main deed-types for property transfers, the other being the warranty deed. What is the Purpose of a Quitclaim Deed?Ī quitclaim deed is a form for transferring interest (ownership) in property from one person (the grantor) to another (the grantee).
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