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 prime rate, a benchmark interest rate banks use, plays a significant role in the real estate market. Essentially, it’s the interest rate that commercial banks charge their most ...
An offering of securities, stock and/or debt, directly to investors rather then through the public exchange markets. An advantage of a private placement to a real estate business is that ...
(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...
Formal statement by an auditor, after through examination and consideration, as to whether a real estate company's financial statements fairly present financial position and operating ...
The appraisal approach is used to estimate the value of an asset, based on various factors to reach the closest educated guess of the asset. While an appraisal approach does consider the ...
Judicially determined minimum selling price for auctioned property. For example, a judge rules that a foreclosed home may be sold for less than $200,000, ...
person designating an agent to act for him. Primary individual having full financial liability. Amount being risked in a real estate investment. Owner of a real estate business. ...
A reciprocal transfer of property from one entity to another. A market for securities of a real estate companies, such as the New York Stock Exchange (NYSE) ...
Legal proceeding whereby a person's property is attached and used to pay an obligation. The employer may withhold part of the employee's salary to the court until the debt has been paid. ...
Have a question or comment?
We're here to help.