Sometimes, it seems like courts schedule numerous pointless hearings just so the bureaucrats can collect more money and waste time. When you have real estate, you might want to transfer it quickly to take advantage of some market opportunity. The Quick Claim Deed is a good way to avoid unnecessary hassles and expenses when transferring property. Here is how to file a Quitclaim Deed.
Terminology and Circumstances for Quit Claim Deed
When both the buyer and seller of a property are co-owners or family members, then the Quickclaim Deed is a good option. Unlike other real estate deeds, the Quit Claim offers no warranties that 1) the seller owned the property or 2) that it was free of liens or encumbrances. The legal process can be very time-consuming and expensive in culling through county property records. The Quit Claim means that the seller simply “relinquishes” or “quits any claims” to said property.
Under the Quit Claim terminology, the “Seller” is called the “Grantor” and the “Buyer” is the “Grantee” of the deed. When a property has been inherited by brothers or sisters, the Quick Claim process can be used to settle disputes amicably. The seller may have partial interest in the property and may want to be paid quickly. The normally long process for transfer of a property might not be financially feasible or economically sensible. Furthermore, if both parties know the property characteristics and history, then there is no need for a formal deed process check.
Quick Claim Format
The format for the Quick Claim Deed starts with the naming of the Grantor and Grantee. The transfer of the property must be articulated in terminology similar to “The Grantor for the sum or $10,000, the receipt whereof is hereby acknowledged, does hereby remise, release and quitclaim unto the Grantee forever, all the right, title and interest the Grantor has in the following real estate: ….” After this phrase, a detailed description of the property must be made.
The name and address of both grantor and grantee must be listed on the deed. The street address and legal description of said property must be made. The bottom must be dated and signed. The form must be notarized to make the Quick Claim Deed legal.