Knowing how to fill out a quit claim deed is important if you wish to transfer your interest in a piece of property to another person. There are certain elements that quit claim deeds must contain in order to be legally effective. If there are no other claims on the property, a quit claim deed can be simple and easy. However, a quit claim deed does not give any guarantees about the property, including other claims to it.
When To Use A Quit Claim Deed
Several common scenarios call for a quit claim deed. During a divorce, a couple can agree to transfer the property to one party or the other. Often, people use a quit claim deed to place a property into a living trust for estate planning purposes. Even when a property is sold, a grantor may sign a quit claim deed for the grantee.
There are eight requirements that must be present on a quit claim deed to make it legal:
Quit Claim Deed Templates
If a guarantor is still unclear about how to fill out a quit claim deed, it is a simple thing to download a quit claim deed template using the Web. Several online experts, from attorney and legal advice Web sites to real estate Web sites, provide quit claim deed templates that merely require the guarantor to print and complete. The legal wording is already in place and simply offers prompts to the guarantor to fill in the blanks with the necessary details. However, these templates are best in uncomplicated situations, and these sites may not provide detailed information if you have questions.
What is the purpose of a quitclaim deed? A quitclaim deed can be important if you want to transfer property to another person as quickly as possible, without concern over debt or liens.
What is a deed of trust? Some states use this type of property deed instead of a mortgage, and it states that the lender cannot sell the property unless the borrower defaults.