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
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
(1) The interest rate charged on a construction loan. (2) The rate at which construction loan progress payments are made. See also bridge loan; bullet mortgage; development loan. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
In everyday discourse, a merger defines the combination of two entities, be it real estate or two companies, into a single and legit one. We should make a difference between a merger and ...
Same as term financial institutions: Institutions acting as intermediaries between suppliers and users of money. The financial markets are where those wanting funds are matched with those ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Have a question or comment?
We're here to help.