The quitclaim deed means quitting or transferring your interest in a piece of property. Once the current owner of a property signs a quitclaim deed, they waive all rights that they may have had to that property presently or in the future. In a land sale, this deed proves to the new buyer that they may take ownership of the property without any type of interference from the previous owner.
With a land sale, it is a good idea to have a deed search completed prior to purchasing so you aren’t caught off guard. Quitclaim deeds are good to have because often situations arise where a person claims to have a partial or incomplete interest in a piece of land. These situations are known as title defects or clouds on the title. This interest may have been from an inheritance, dower, community property right or to a right of redemption because of a court-ordered foreclosure sale. By releasing the claim on the property though use of a quitclaim deed prior to a land sale, the cloud on the title is removed.
If you are interested in transferring property via a quitclaim deed, you can do so by following these steps:
1. Locate the Current Deed to the Property
If you don’t have a deed to the property in your possession, you can get a copy at the county recorder’s office or the registry of deeds.
2. Find the Property’s Lot Number
The lot number for your property should be located on your property tax bill or your county’s geographic information system website. If you are still unsure, call the county assessor’s office.
3. Prepare the Deed Content
When writing a quitclaim deed, be sure to include a description of the parties and property, clearly state that the grantor is quitting their claim to the property and transferring ownership to the grantee, state the payment amount, leave a space for the grantor’s signature and include a notary signature block.
4. Format the Deed
Many states have specific requirements for formatting a deed, so be sure to research your county recorder’s website for this information. Typically, you should leave a 2-inch margin at the top of the deed and a 1-inch margin at the bottom. Some states also require additional statements on the deed.
5. Print and Obtain the Required Signatures
The grantor’s signature has to be notarized. You can find public notary services at any bank or law office.
6. Record the Deed at the County Recorder’s Office or Registry of Deeds
Counties will vary in procedures and fees for recording a quitclaim deed, so call your county recorder’s office to get more information. After filing, your quitclaim deed will be mailed to you within the period of a few days so you can proceed with your land sale.
Filing a quitclaim deed is a simple process that is essential in situations where another party claims to have a stake in your property. If you have any questions about deeds, the experts at AllAcres have a wealth of knowledge to share. Call us today at 855-227-3741 or contact us online for information or if you are looking for a land sale.