Quitclaim deeds are a quick and simple way to transfer property within the family or into a trust. They should not be used to sell real estate. Find out how a quitclaim deed in Michigan is created.
How is a Quit Claim Deed Created?
A quitclaim deed needs to be in writing in order to be valid for a quitclaim transfer of title. This legal document includes the names of the grantor (the person who is in charge of the property transfer) and grantee, the legal description of the property being transferred, the county in which it is situated, the date of transfer, and other information (person receiving the property). If there was a cost associated with the transfer, that sum is included.
The document’s grantor signs it, and this signature is typically notarized. It depends on the state whether witnesses are needed. The grantee may also sign the deed in some states. Although it is customary, some states do not require a free quit claim deed form to be filed with the clerk in the specific county where the property is situated.
Comparing a Warranty Deed and a Quitclaim Deed
A quitclaim deed transfers ownership without making any guarantees regarding the owner’s title. As a result, if two individuals own the property jointly and one of them quits the claim to his interest to his brother, he can only get his half of the ownership transferred. A quitclaim deed transfers the owner’s entire interest in the property to the person receiving it, but it only transfers what he actually owns.
No title is transferred because there is no actual ownership interest when a person executes a quitclaim deed for the transfer of property that they do not own. Only the kind of title that you own is transferred by the quitclaim deed.
Any type of deed transfer only affects the property’s ownership; it has no bearing on the property’s mortgage. The mortgage is a distinct piece of writing. This is significant in a divorce situation because, despite the fact that one spouse can quit the claim to the property to the other, neither spouse is released from the obligation to make mortgage payments.
