QuitClaim Deed form

Quit Claim Deed

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What is a Quitclaim deed

For those who wonder, "What is a Quitclaim deed?", it is not much different from other deeds. The purpose of a deed to to transfer ownership of real property to another new owner. Real property comes from the tradition of history, specifically from the feudal system in which the king owned all land. The king had "subjects" who used his land and therefore had to pay him rent to use it. The rent was paid indirectly through tax collectors or directly. The Quitclaim deed is the opposite of a granted deed. The Quitclaim frees or "quits" the grantor's interest in the real property.

The Quitclaim is less expensive than other forms of deeds and is used typically after a divorce. For example if a divorce takes place and one of the divided family receives the house from this event a Quitclaim deed will be used. The Quitclaim can be used by one former member of the family to "quit" their ownership of the home. Estate planning is another use of a Quitclaim deed. One who wants to turn over ownership to a relative such as a son or daughter. A quick signing of a Quitclaim deed can send the ownership to the correct relative while the original owner can include ownership of the same property until death. When the original owner dies, the Quitclaim sends and assures ownership to the right relative.

Continuing with the question, "What is a Quitclaim deed?", the person from which the real property is being transferred from is called the grantor in a Quitclaim deed. The person that is receiving the property from the grantor is called the grantee. There are no promises, no guarantees, no warranties about the property that is changing hands. Thus, the opposite of a Quitclaim deed is a warranty deed, that comes with guarantees. Quitclaim deeds are generally prepared by attorneys or lawyers. The legal process does not involve a need for the grantee. The grantor will sign away the property, it is filed with the courthouse or other local entity, and therefore ownership has legally changed. A copy of the deed is given to the grantor, grantee and the company handling the title insurance. Information on the form will include things like prices, descriptions, and whether or not it is considered a gift. Some large states, like New York, Florida and Texas have repealed their gift tax laws so check the local laws to find out if the state will demand money for giving away real property using a Quitclaim deed. There are still federal gift tax laws that will need to be thought of before using a Quitclaim deed.

Once a Quitclaim deed is signed, that is it, it's done. So Before the signing takes place it is important to consult with a lawyer. This web site offers a free printable quitclaim deed form sample for informational use only.

Quit Claim Deed

THE GRANTOR_______________________________________of_____________________
City of________________________________,County of ________________________,
State of_____________________________,for the consideration of________________
_________________________________CONVEY__________and QUIT CLAIM______
to_______________________________of___________________________, City of__
______________, County of______________________, State of_________________,
all interest in the following described real estate in the County of_______
______, in the State of_____________________, to wit:

Dated this____ day of_______,20___.

___________________________________
Grantor's Signature

___________________________________
Type or Print Name

___________________________________
Recipient Signature
__________________________________

Type or Print Name
___________________________________
______________________________________________________________________

STATE OF__________________________
COUNTY OF________________________

IN WITNESS WHEREOF, The said first party has signed and sealed these presents the day and year first above written. Signed, sealed and delivered in presence of:
_________________________________     __________________________________
Signature of Witness                                     Signature of First Party, Grantor
_________________________________     __________________________________
Print name of Witness                                   Print name of First Party
_________________________________    __________________________________
Signature of Witness                                     Signature of First Party, Grantor
_________________________________    __________________________________
Print name of Witness                                   Print name of First Party
STATE OF _________ COUNTY OF _________________
On ________________________ before me, ________________________________ ,
Appeared ___________________________
personally known to me (or proved to me on the basis of satisfactory evidence) to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.

WITNESS my hand and official seal.

___________________________________________
Signature of Notary Affiant _____Known_____Produced ID
Type of ID _______________________
(Seal)

________________________________
Signature of Preparer

________________________________
Print Name of Preparer

________________________________
Address of Preparer

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