Quitclaim Deed - Free Quitclaim Form, Guide, and Example. All Free

Time 2021-01-04 22:07:53

Web Name: Quitclaim Deed - Free Quitclaim Form, Guide, and Example. All Free

WebSite: http://www.quitclaimdeed.com

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Free,Form,Quitclaim,quitclaimdeed,quitclaimdeedform,freequitclaimdeed

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There are various ways to transfer a real estate title, and among the simplest is a quitclaim deed. The person is literally quitting their claim to the property. Just because it's the simplest method does not mean it's the best, however, especially if you are the recipient of the property. That's because the quitclaim deed does not guarantee that the grantor the person transferring the property actually owns the real estate in question. Be sure to do your research. See more about the Quitclaim Deed. Preparing the Quitclaim Deed Document Information below is listed in the order the blanks appear on the quitclaim form. 1. The Numerical Day of the Month the Deed is executed2. The Month the Deed is executed.3. The Year the Deed is executed.4. Grantor(s) Name(s): The Grantor, generally the seller, is the entity that currently holds title to the real estate being transferred. The Grantor is the person giving their property rights to the Grantee. Enter the Grantor(s) Address: The mailing address of the grantor5. Grantee(s) Name: The Grantee(s), generally the buyer(s), is the entity that is receiving the rights to the property being transferred from the Grantor.Grantee(s) Address: The mailing address of the grantee(s)Grantee Vesting: Vesting describes how the grantee is going to hold title to the property. The vesting will appear on the Deed, which is usually recorded for public notice. The manner in which you hold title may have significant legal and tax consequences. Before deciding how to hold title, you should consider your intent and what you want to happen to the property in the event of your death. Grantee vesting examples:Sole Ownership. Generally real property can be owned in either Sole Ownership or in Co-Ownership. There are three options for holding property as a Sole Owner:Examples: "John Doe, A Single Man" Defined as a man or woman who has never been married."Jane Doe, An Unmarried Woman" Defined as a man or woman who has been married in the past, but is now legally divorced or is widowed."John Doe, A Married Man, as His Sole and Separate Property" Defined as a married man or woman who wishes to acquire title in his or her name alone.Community Property. Example: "John Doe and Jane Doe, Husband And Wife, As Community Property". When the title to property is held by a married couple as community property, each spouse has equal rights of management and control of the property and the right to include half of the community property in his or her will. If the first spouse dies without a will or leaves the property to the surviving spouse, the property will go to the surviving spouse and no probate is necessary. If a spouse exercises the right to leave one half of the property to someone other than the surviving spouse, that half is subject to administration in the estate. With community property, on the death of the first spouse, both spouses' half interests in the property will get an income tax basis adjustment to fair market value.Joint Tenancy. Example: "John Doe And Jane Doe As Joint Tenants With Rights Of Survivorship". The primary characteristic of joint tenancy is the right of survivorship. When one joint tenant dies, his/her interest in the property is equally distributed to the remaining joint tenants. The property does not become part of the individual's estate, so it does not have to go through probate. This means that the transfer of property is easy, but it also means that the individual cannot include the interest in the property in his/her will. If unmarried individuals hold title as joint tenants and one owner dies, the property will automatically transfer to the co-owner.Tenancy in Common. Example: "John Doe and Jane Doe As Tenants In Common". Under tenancy in common, the co-owners own undivided interests, but unlike joint tenancy, these interests are not necessarily equal. For example, three individuals could hold title jointly, with one person having a 50% interest and each of the other two having a 25% interest. Each co-owner can sell, convey, or mortgage his or her interest without the consent of the co-owners. The new owner simply becomes a tenant-in- common with the other owners. When property is held as tenants-in-common, there is no right of survivorship. So unlike joint tenancy, the disposition of the property can be specified in the owner's will.Title may also be held in the name of a trust, corporation, partnership or LLC.6. The Consideration: This is what the grantor receives from the grantee in exchange for the grantors interest in the property.In most cases this is money so the amount that the grantee is paying for the property would go here. Examples of consideration statements:$25,000$1 and other valuable considerationgood considerationlove and affection7. The County, Parish, Independent City, or other jurisdiction where the property is located.8. The state where the property is located.9. Legal Description: A Legal Description consists of the written words which delineate a specific piece of real property. In the written transfer of real property, it is universally required that the instrument of conveyance (deed) include a written description of the property. A good way to find the legal description of the subject property is to review the deed that the current owner received.Land descriptions within the United States can generally be classified as one of these basic types:Metes and Bounds. A typical Metes and bounds description would look like this: "Beginning at a point (POB) on the North side of James Street 50 feet East from the corner formed by the intersection of the East boundary of Peter Road and the North boundary of James Street; thence East 90 degrees 200 feet; thence North 300 feet; thence West 200 feet; thence direct to the POB."Lot and Block. An example of this type of legal description would be: "Happylands Number Two Subdivision, Block 3, Lot 4"Sections (Government Land Survey). The proper method of constructing a description of a parcel of rural land for a deed, easement or other legal document varies. However, it is important that basic principles be consistent no matter whether the land description is constructed longhand or in the commonly accepted shorthand method. It is important that there be no commas in the description; it should read as a continuous string and the primary words should be capitalized. A correct longhand description reads as follows: The Southeast Quarter of Section 31 Township-125-North Range-87-West of the Fifth Principal Meridian. The same description in shorthand looks like this: SE of Sec. 31 T125N R87W of the 5th P.M. or, still shorter, like this: SE 31 T125N R87W.10. The common or street address of the property.11. The Parcel ID/Number: A number assigned to parcels of real property usually by the taxing authority of a particular jurisdiction for purposes of identification and record-keeping. The assigned number is unique within the particular jurisdiction, and may conform to certain formatting standards that convey basic identifying information such as the property type or location within the plat map.In the United States, APNs (Assessor Parcel Number) are typically assigned by the local taxing authority, such as the city or county within which the property is located. Many taxing authorities will provide property tax information to the public, indexed by APN.You can usually find this number on your property tax statements. Also known as:Assessor's Identification Number (AIN)Property Identification Number (PIN) Property Account NumberTax Account NumberSid well Number12. Signatures. All signatures must have the signor’s name printed below signature and the capacity (grantor, grantee, witness) of the signor.13. The Name AND Address of the Person who prepared the Quitclaim Deed.14. The Name AND Address of the Person, to whom the Document should be returned to after the document is recorded.15. The notary section, this is to be completed by the notary, be sure not to sign the document unless the notary is present. Recording the Quitclaim Deed Once the quitclaim deed has been prepared, executed, and accepted by the grantee it should be recorded in the jurisdiction where the property is located. While an unrecorded quitclaim deed can still be valid, recording the document provides constructive notice to the world and enters the document into the property’s chain of title enabling the document to be enforceable on third parties.You can utilize the following methods to record the document:In person at the recorder’s office (find your jurisdiction’s recorder information here)Mailing the document to the recorderElectronically with E-Recording available in many jurisdictionsPrivacy Policy: quitclaimdeed.com does not collect or share your personal information. Information deemed reliable but not guaranteed. The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date. 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