Quitclaim Deed Information
What is a Quitclaim Deed?
A Quitclaim Deed is used to transfer property interest from one person (grantor) to another (grantee). It is most often used between people who know each other, such as family members as there is no warranty to the title.
What is a Property Title?
The title of a property refers to all the rights of property ownership, including the owner's ability to transfer or sell interest in the property, such as through a Deed.
What can I use a Quitclaim Deed for?
- To add a spouse's name to a property title
- To transfer property to a child, sibling, or other family member
- To transfer property interest to a business partner
- To remove a spouse's name from a property title after divorce
- To bequeath property to someone in a Will upon death
What is the difference between a Quitclaim Deed and Warranty Deed?
A Warranty Deed is used in most property sales, and makes a guarantee that the grantor owns clear and complete interest in the title and the property is free of all liens.
Alternatively, a Quitclaim Deed does not include the warranty that the grantor owns full rights to the property.
Creating your Quitclaim Deed
List the Grantor and Grantee(s)
The grantor is the party transferring his or her interest in the property title to another person.
The grantee is the party receiving the interest in the property.
Grantors and grantees can be individuals or corporations.
The consideration is the price the grantee pays the grantor for the property interest. If it is a gift, a small amount, such as $1-10, is listed as the consideration.
Describe the Property
A legal description of the property needs to be included in the Quitclaim Deed. This can be found on an old deed or at your local County Clerk or Registry Office.
A parcel ID number will also need to be listed on your Quitclaim Deed in some cases. It can be found on past tax statements.
Execute the Deed
To execute the Quitclaim Deed, the grantor needs to sign the deed in front of a notary public. Some states require witnesses to sign the deed in addition to a notary public. Once it has been signed, the Quitclaim Deed is filed in the local County Clerk or Registry Office and sent to the grantee after it has been recorded.