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
The definition of a bedroom community, or commuter town in real estate is a unique type of community that merely uses their homes to sleep, while doing everything else offsite. In a bedroom ...
Mortgage in which the interest rate charged by the lender can vary according to some reference index not controlled by the lender, such as the interest rate on 1-year U.S. T-bills or the ...
Interest rate that exceeds the rate on the old loan but in less than the rate on new loans. It is usually offered by the lender to encourage home buyers to refinance existing, low interest ...
Rate of return that is necessary to maintain market value of a real estate project. The cost of capital is used for project evaluation purposes. Under the net present value method, the cost ...
Obtaining money and/or property from a deceased person whether by will or not. ...
in joint tenancy, the joint tenants must acquire their interest by the same conveyance and the interest must be equal. ...
High quality, premium wood to be used in construction such as for home building. ...
Wood strip on the top of a baseboard. ...
Notice of a pending suit; a public notice given to prospective purchasers and any one else considering an interest in property that the title is being legally challenged, and the outcome is ...
Have a question or comment?
We're here to help.