Michigan is a state with great wilderness and plenty of thriving cities. Due to American Federalism, each state can create their own system to manage their populations. Here is how Michigan Quick Claim Deed laws work.
Transfer Property Quickly
The Quick Claim Deed is used to transfer property quickly avoiding the process of verifying ownership, warranties and liens. Two parties attest to the transfer of the property with the simple verbiage of the seller “quitting claim” to said land for the mentioned sum. This is beneficial to those who want to resell the property immediately.
Michigan Quit Claim Deed Form
In the fast-paced modern real estate market, many people prefer the quit claim process because it avoids the paperwork of the standards deed process. Michigan has developed their own Quick Claim Deed Form with its own characteristics to assist in the conveyance of property.
The applicant using the Michigan Quit Claim Form has to fill in the file number, name of drafter and person to return the form to “when recorded.” Next, the seller fills in his name and address. The seller “quit claims” to property, address and county in Michigan. The seller must carefully describe the property with tax parcel number, common name and sum involved.
The final statement of the Quit Claim is unique to Michigan: ‘If the land being conveyed is unplatted, the following is deemed to be included: “This property may be located within the vicinity of farmland or farm operation. Generally accepted agricultural and management practices which may generate noise, dust, odors, and other associated conditions may be used and are protected by the Michigan Right to Farm Act.” ‘ Much of the urban Detroit environment is returning to wilderness. This statement reiterates the right of owners to farm land that is unplatted or not zoned.
The bottom of the form has a place for the notary public. The Michigan Quit Claim Deed must be deposited with the Michigan Registry of Deeds.
Michigan Transfer Tax
Michigan land transfer tax will be applicable if a financial profit was made by the conveyance of said property. This might not have occurred from the original transfer, but might be applicable if the new owner sells the property – the profit is the overage price versus the fair market value.