Tuesday, February 14, 2012
Definition of a Quit Claim Deed
You and your spouse just got a divorce. The law requires that when this happens, conjugal properties need to be divided equally between the spouses. However, your partner has a real estate property he bought before you got married and in all due respect to him, you don't want to have a claim on that. This calls for a quit claim deed.
In settling your properties, you will need to execute such a deed to waive your right to claiming that particular property of your husband. This quit claim deed will legalize everything and ensure that you no longer have any interest on that piece of property. In other words, you are giving your spouse the full right to own that real estate such as a vacation house or farm.
A quit claim deed is a document required when transferring ownership of a property from one person to another. This is also used when transferring properties to family members as gifts or inheritance or when an individual wants to put his personal property into a business entity.
Sample forms are offered by certain websites catering to legal forms or real estate forms. So if you're about to create a quit claim deed, you may want to check out the internet first and find out what information will be needed in the form. Normally, you will have to provide a legal description of the property.
There are two options when creating a quit claim deed. You can do it yourself or let your lawyer do it for you. If you want to take the first step, you can download your form on the internet by paying a certain fee. There are some sites that offer standard forms. Or you can buy a blank form from a bookstore or a shop that sells office supplies.
In filling up the form, avoid making mistakes in spelling and facts as they can make your deed invalid. List the name of the owner as grantee. If you have children and your husband agreed to have them as beneficiaries, add the names of your children as grantee as well. Next step is to list the current owner of the property as grantor.
A quit claim deed needs to be notarized and make sure that make photocopies (more than one if possible) for you records. After notarization, you can bring it to the county's clerk and recorder's office where the deed will be officially recorded. You will have to pay a certain fee.
If you have a lawyer and you're not sure how to execute this quit claim deed, let your attorney do it for you to make sure that the information is correct and with no errors. Your lawyer can then notarize the document and can have it recorded at the county's clerk.
Remember that where real estate properties are concerned, there will always be legal documents involved. This is because they are valuable investments and not something you just throw away when your situation goes wrong. Written legal documents ensure that a piece of real estate property goes to its rightful owner.
Article Source: http://EzineArticles.com/2684358
Posted by Rene at 11:31 PM