Quit claim deed – 6 Key elements that are contained in it
Are you planning to transfer the ownership of the jointly held house to your spouse? If yes, then you’ll require a quit claim deed form. A quit claim deed is a legal document which helps you transfer the rights and financial interests on the house to your spouse without needing the help of an attorney. However, before making a quit claim deed form, you need to know about the essential components of it. Glance through the article to gather knowledge on the essential elements that are there on a standard quit claim deed form.
Elements contained in a quit claim deed
A quit claim deed (also known as quick-claim deed) is the legal document which lets the owner of a property to transfer his/her interest to another person. In short, the owner quits all his/her claims and rights on the property through this deed. Go through the following lines to get acquainted with 6 elements that are there in a standard quit claim deed.
1. Grantor – It refers to the person who is quitting all his/her claims and rights on the real estate. This person is transferring the financial interest on the property to the individual mentioned in the quit claim deed. The Grantor can transfer the rights of the concerned property to an individual or a corporation or a trustee. However, a Grantor does not make any kind of warranty on the real estate.
2. Grantee – It refers to the individual who is getting the ownership of the concerned property. It is the individual to whom the grantor is transferring all his/her rights and interests on the property. The Grantee will be legally responsible for the property henceforth. In short, the Grantee will be liable for the property taxes, maintenance costs, and home loan payments after the deed comes into effect.
3. Date – This primarily refers to the date on which the quit claim deed has been completed and signed by the required person. It primarily refers to the date on which the quit claim deed comes into effect.
4. Signature – The quit claim deed will be considered as valid only when it has been signed by the Grantor. The signature is required to be notarized. Some of the states also require separate witnesses to be present when the Grantor is signing the deed. Once the deed is signed and given to the Grantee, the deed is regarded as a valid document.
5. Legal Speak – It is more commonly known as Habendum. This is the most important element of the document. It highlights the phrases which clearly indicate that the rights, claims, and interests of the Grantor on the property are getting transferred to the Grantee.
6. Consideration – It reflects the overall amount the Grantee is paying to the Grantor in exchange of getting the ownership on the property.
Another key component of a quit claim deed is Legal Description. This part reflects the description of the real estate on which the Grantor is relinquishing all his rights.
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