Quitclaim Deed
Definition of "Quitclaim deed"
Wondering what is a quitclaim deed?
Well, the best quitclaim deed definition is something like a legal document used when someone is transferring a real estate property to another person. A formal document through which the current homeowner – referred in the document as Grantor - quits any rights to the property in favor of a recipient – referred in the document as Grantee. It denies a claim to a certain property, ceding anything reminiscing to the new owner. Quitclaim deeds are often used to clear problems with a property title or as part of a divorce settlement.
Need a quitclaim example? There should be several adaptations so that the model applies to your specific case, so you should definitely contact a real estate agent, but anyways, a very basic quitclaim example could be something like what follows:
“This quitclaim deed is made on _Month, Date, Year_, between __name of the grantor__, the Grantor, residing at _full address, City of _____, State of_____ and _name of the grantee_, Grantee, residing at_full adress_, City of_____, State of______.
In consideration of _$amount of dollars_ paid by _whatever the deed concerns_, the grantor hereby quitclaims and transfers the following described real estate to the Grantee to have and hold forever, the described real estate located at _full adress_, City of _____, State of_____:
Dated_Month,Date,Year_.
____________________________ (Signature of Grantor)
______________________( Printed name of Grantor)
State of__________________ County of ____________
On_Month,Date, Year_, _name of the grantor_ personally came before me and, being duly sworn, did state that he/she is the person described in the above document and that he/she signed the above document in my presence.
___________________ (Notary Signature)
Notary Public, for the county of ________ State of _____________
My Commission expires:___________"
As you can see, the grantor is the one who records the quitclaim deed on the county records.
Real Estate Advice:
Contact a real estate lawyer so no loophole is left open and the whole process is done correctly!
Popular Real Estate Terms
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
The gross operating income definition is the total income that a real estate development receives from rentals and services before any costs or expenses are subtracted. Gross operating ...
(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Refers to state statues protecting the public against securities frauds of real estate companies. ...
The Principle of conformity states that conformity is achieved when all the entities or objects comply to the same standard, rules or laws. This creates a balance and stability between ...
Style of life emphasizing outdoor activities, amenities, and recreation. Example are campers and barbecues. It is usually on a short-term basis. ...
One tenth of a cent. Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed ...
Have a question or comment?
We're here to help.