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Quitclaim Deed

Quitclaim Deed


A quitclaim deed is a legal document used to transfer interest in real property from the grantor to the grantee without any warranty.

It is an agreement between the grantor and the grantee to transfer ownership of real estate. However, no warranty is offered since a quitclaim deed only conveys whatever interest the grantor has to the grantor.

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Quitclaim Deed FAQs

 

What is a quitclaim deed?

A quitclaim deed is a document used to transfer ownership of real estate from the grantor to the grantee without guaranteeing that the grantor has the right or interests in the party. Essentially, the grantor does not state the nature of his/her interest or rights to the property and no warranties are given in the transfer. It merely states if the grantor has any ownership rights, he/she will release those rights in the transfer.

Since no assurance of title is offered by the grantor and the grantee is not granted any protection. Quitclaim deeds are typically only used in non-sale situations between trusted family members. Moreover, title insurance is never issued in conjunction with a quitclaim deed due to this reason. Typical example of when quitclaim deed is used involves parents transferring ownership of the property to their children, or for a person to add a spouse to the title after marriage.

 

Who is the grantor in a quitclaim deed?

The grantor is the person whose name is currently on title and is transferring the interest of the property to the grantee.

 

Who is the grantee in a quitclaim deed?

The grantee is the person who is receiving the interest of the property from the grantor.

Please note that a person can be both the grantor and the grantee in a real estate transaction. For example if you are the sole owner of the property and want to add your spouse to the title, you would list yourself as the grantor and list yourself and your spouse as the grantee.  Essentially, you are transferring your interest of the property to yourself and your spouse in this way with the quitclaim deed.

 

What is the legal description of the property and how do I find it?

The legal description specifies the boundaries of a track of land that is generated by licensed land surveyors. The legal description is not the physical street address of the property. 

The easiest way to find the legal description of the property is to look at the deed of the property, or the mortgage documents of the property. You can also consult the county register or the county recorder where the property is located and search through the county land records. The legal description will typically be listed in the document or be attached as an exhibit on the back of the document.

 

What is the property tax/assessor’s parcel number?

The property tax number is a number assigned to the property for the purpose of property taxes. Depending on the jurisdiction, the property tax number can also be referred to as follows:

  • Assessor’s Identification Number, or AIN
  • Property Identification, or PID
  • Property Identification Number, or PIN
  • Property Account Number
  • Sidwell Number
  • Tax Account Number

 

What is the consideration on a quitclaim deed?

The consideration is the money or anything of value the grantee gives to the grantor in exchange for the property. Typically people who use quitclaim deeds are close family members who are not transferring the property at full market value. In that case, you can list $10 as a nominal value in the sale price to create a valid agreement.

 

Do I have to notarize the quitclaim deed?

The transfer of property is an important act even when it’s done between family members via a quitclaim deed. Yes, the grantor must sign the quitclaim deed in the presence of a notary in the jurisdiction to make it a valid document.

 

What are the blank spaces on top margins of the quitclaim deed?

Once the quitclaim deed has been signed and notarized, it must be taken to the county register or county recorder to be registered in land records. Most county recorders need a space on the top page of the document to stamp and record the quitclaim deed. The blank spaces are left there intentionally for recording purposes and they are normal.

 

What needs to be done after getting the quitclaim deed notarized?

Once the quitclaim deed is signed by the grantors and notarized in front of a notary, the deed must be submitted to the county register or county recorder to be recorded into land/property records.