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
An insurance policy that promises to pay all the legal obligations of the insured due to negligence in which damage to the property has been caused. ...
Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
The rate at which a market can absorb additional units of supply without causing market saturation and severe price distortions. For example, during a recessionary period, many homeowners ...
Right of a property owner located adjacent to an airfield to use the airspace above a certain distance to fly an airplane. However, the owner may not be allowed to put structures, signs or ...
Individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in a lump sum annuity. Real estate also passes to the beneficiary. ...
An insect, such as a termite, that "eats into" the wood and destroys it. This can cause significant damage to the home. Most states have laws that require termite inspection and ...
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
Selling price for a property less assumed mortgages by the buyer. For tax purposes, the computation of the contract price is critical. ...
Codes are all around us, determining the logical flow of various events and processes. In the cycle of actions and consequences, codes are used as guidelines. The most commonly known codes ...
Have a question or comment?
We're here to help.