Law & Legal & Attorney Wills & trusts

Define a Quitclaim Deed

    Filing

    • Quitclaim deeds can transfer property as a gift.signing the wedding contract image by Lars Christensen from Fotolia.com

      Quitclaim deeds can be written by a real estate attorney, but if you want to do it yourself, use a predesigned form from your municipal government or use a deed software package.The quitclaim deed form should conform to state and municipal requirements by including the relevant names, land parcel information and appropriate wording. The grantor and grantee sign the form and then it is notarized. After the county recorder receives all necessary information, either the grantor or the grantee pay a fee, and the quitclaim deed is filed.

    Legality

    • Individual state laws determine the rules for filing a quitclaim deed. Because each state has its own real estate laws, a quitclaim form from one state may not always be used in another state. The type of land can also affect how a quitclaim deed is created and filed. For example, government-owned property has separate quitclaim deed procedures.

    Cost

    • Costs for filing quitclaim deeds vary among municipalities, but if an attorney does not customize the form for clients, the fees should be fairly reasonable. Many county recording offices charge under $50 for the transfer of a private home using a quitclaim deed. For quitclaim deeds involving the sale of property, a transfer tax may also be included in the fee. This tax depends on the county, but is often less than 1 percent of property value.

    Records

    Tips

    • Mortgage assumption loan agreements transfer debt.keys image by Jarek Miarka from Fotolia.com

      Several types of deeds involving real estate exist. Being aware of what a quitclaim deed can and cannot do is useful in determining if the form is the right one. Quitclaim deeds do not transfer debt on property, nor do they free the grantor of the quitclaim deed from owing debt on the property. Separate financial contracts (for example, a mortgage assumption) with lenders are required to transfer debt obligations such as mortgages.

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