Quit Claim Deed Explained
Quit Claim Deed Explained
Katie Tremulis
A quitclaim deed is a legal document used to transfer ownership interest in real property, also known as real estate, from one party to another. Unlike a warranty deed or a grant deed, a quitclaim deed does not make any promises or guarantees about the title to the property being transferred.
As a notary, it is important to understand the basic components of a quitclaim deed. The document must identify the parties involved in the transfer, the property being transferred, and any consideration being given in exchange for the transfer. The person transferring their ownership interest is known as the** grantor,** while the person receiving the interest is known as the grantee.
It is important to note that a quitclaim deed only transfers the interest that the grantor actually has in the property at the time of the transfer. This means that if the grantor does not have full ownership of the property, the grantee may not receive full ownership either.
Notaries may be asked to notarize a quitclaim deed as part of the transfer process. This involves verifying the identity of the parties involved and witnessing the signing of the document. It is important to make sure that all necessary signatures are present and that the document is filled out correctly before notarizing it.
Some states require witnesses. It is a good rule of thumb to check with title company and your state laws if you are able to act as one of the witnesses.
In summary, a quitclaim deed is a legal document used to transfer ownership interest in real property from one party to another without any guarantees about the title. As a notary, it is important to understand the basic components of a quitclaim deed and to ensure that it is filled out correctly before notarizing it.
An example of a common quit claim deed notary block is below. If you see a real estate based business call it a QCD, this is usually what they are referring to.
Katie Tremulis
A quitclaim deed is a legal document used to transfer ownership interest in real property, also known as real estate, from one party to another. Unlike a warranty deed or a grant deed, a quitclaim deed does not make any promises or guarantees about the title to the property being transferred.
As a notary, it is important to understand the basic components of a quitclaim deed. The document must identify the parties involved in the transfer, the property being transferred, and any consideration being given in exchange for the transfer. The person transferring their ownership interest is known as the** grantor,** while the person receiving the interest is known as the grantee.
It is important to note that a quitclaim deed only transfers the interest that the grantor actually has in the property at the time of the transfer. This means that if the grantor does not have full ownership of the property, the grantee may not receive full ownership either.
Notaries may be asked to notarize a quitclaim deed as part of the transfer process. This involves verifying the identity of the parties involved and witnessing the signing of the document. It is important to make sure that all necessary signatures are present and that the document is filled out correctly before notarizing it.
Some states require witnesses. It is a good rule of thumb to check with title company and your state laws if you are able to act as one of the witnesses.
In summary, a quitclaim deed is a legal document used to transfer ownership interest in real property from one party to another without any guarantees about the title. As a notary, it is important to understand the basic components of a quitclaim deed and to ensure that it is filled out correctly before notarizing it.
An example of a common quit claim deed notary block is below. If you see a real estate based business call it a QCD, this is usually what they are referring to.
Updated on: 11/04/2023
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