A quitclaim deed is quite literally a means to 'quit your claim' to a deed on a piece of real estate and transfer your interest in it to another party. This is commonly used among family members or to place a piece of real estate in to or out of a business. Quitclaim deeds are a quick way of transferring property ownership. Care must be taken to understand what is covered by a quitclaim deed and what is not.
Obtain a quitclaim deed form, preferably with the assistance from a lawyer who specializes in real estate law. Escrow and title management companies should be able to provide this form.
Fill out the quitclaim deed completely and accurately. It is a short and straightforward form. Include the names of the parties involved and sign where asked. The 'Grantor' is the person quitting the deed. The 'Grantee' is the person the property is being transferred to. You must date the agreement and include the property tax ID number as well as the state and county where the property is located.
Have the quitclaim deed form notarized and file it with the land records office in the same county where the property is located. Make copies for yourself.
- The grantee is not guaranteed that others won't claim rights to any part of the property.
- The grantor is still obligated to fulfill any financial obligations associated with the property (mortgages, liens, etc)
- Discuss other forms that you may need drawn up with your real estate lawyer. Transfer of mortgage, back taxes owed, life lease allowances, etc.
- Look into quit claim deed law for your state specifically as laws on quit claims vary somewhat by state.