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What Is A Quit Claim Deed
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| A
legal document
used to one person's rights to
real estate to another person.
The person transferring their
rights is called the grantor and
the person receiving the rights
to the property is called the
grantee. In most cases this type of deed
contains no warranties, it does
not even guarantee that the
grantor has any rights to the
property to give. |
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Main Elements Of A Quit Claim
Deed
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| At the most basic
level the following
elements are combined to
form a quit claim
document: |
- Title. The title
of a legal document,
usually at the
uppermost (within
allowed margins)
portion of the deed,
describes to the
world what type of
legal document it
is.
- Executed Date.
This is the
effective date of
the quit claim.
This tells the world
when the legal
document was
completed, signed,
and executed. Most
importantly this
tells us when the
rights to the
property were
transferred.
- Grantor. The
person giving away
(quitclaiming) their
ownership rights to
real estate to
another person. Any
entity that can own
real estate is
considered a person.
- Grantee. The
person that is
receiving the rights
that the grantor is
giving.
- Habendum. This
is the "legal speak"
that actually
transfers the rights
from the grantor to
the grantee.
- Consideration.
What the grantee
gives to the grantor
in exchange for
their rights to the
real estate. This is
usually the amount
of money the grantee
is paying.
Consideration does
not have to be
money, it can be
anything (legal) of
value, even love.
- Legal
Description. The
written words which
delineate (legally
describe) a specific
piece of the
real estate. Every
transferable piece
of real property in
the United States
has a legal
description. This
description is
written in such a
manner that it can
only describe one
particular piece of
land and no other.
- Signatures. Most
states only require
that the grantor
sign a deed and that
it be delivered and
accepted by the
grantee for the deed
to be valid. A few
states also require
that witnesses
observe the grantor
signing and also
sign the deed.
- Notary
Acknowledgment.
Almost every state
requires that the
grantor's signature
be acknowledged by a
Notary Public and
that such
acknowledgment be
included with the
deed.
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Formatting requirements of the
actual document vary from state
to state, even county to county,
however the main elements are
fairly uniform. |
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Recording a Quit Claim Deed
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Recording the deed is the
process of submitting your legal
document to the local government
agency responsible for record
keeping, usually the county
recorder or registrar of deed.
The main reason for doing this
is for "public notice". Once
your deed is recorded it is
assumed that everyone now knows
about it and no one can claim
that they did not know of your
interest in the property. In
most states recording the deed
is NOT required for the deed to
be valid however it is in the
best interest of the grantee to
record it as soon as possible. |
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