By: Nathan Katz
1. What Is It? – This type of deed is designed to transfer the interest or legal rights of a real property to someone else. A real property may include houses, vacant land, condominiums and farms or ranches with buildings upon them. The person or entity giving or transferring the property is referred to as the "grantor". The one receiving the rights to the property is known as the "grantee".
2. When Should You Use it? – There are a number of situations and scenarios when this type of instrument may be used. One example may be a divorce. Let us suppose that you and your spouse have a failing marriage and have decided that divorce is the only remedy. You own a house together located on a large residential lot in a beautiful suburb of a major city. Let us assume that this real property is free and clear without any loans. Let us also assume that one of the spouses is involved with someone else and just wants to move on without any ties or obligations to the other. It would be "quick" and easy to transfer ownership from one spouse to the other with a "Quick Claim Deed". The whole process could be done in just a few days.
Another scenario implementing the use of this type of instrument may be a name change. For example, a single person gets married and takes on the last name of their spouse. To avoid future problems with ownership of a piece of property, the newly married person could easily and quickly change the name on the title.
A person owns a property with the title showing only that person’s name. This owner subsequently gets married and wants to add their spouse to the property title. Adding a name is a common use for the deed and will provide a fast name change to the title.
3. Is the Process Reversible? – Sometimes people change their minds and want to put things back they way they were. The simplest and of course "quickest" the approach is to repeat the original process. In other words, just file a new "Quick Claim Deed" with the names of the owners as they originally were. There is no limit as to how many times the ownership of a real property can be changed.
4. Are there Stringent Requirements? – The primary requirement to make it legal is that the document must be in writing. The written document must contain the names of both the grantor and the grantee, as well as the property’s legal description. A notary public is also necessary to witness signatures.
In addition, the document must be recorded to be valid. The recordation must be in the same county as the location of the property. For example, if the property were located in Los Angeles, California, it would be necessary to record the deed in Los Angeles County and not in some other county within that state.
Many county recorders have their requirements regarding the filing. Such rules as the size of the document, location of the return address, and specific margin dimensions are all necessary to complete the process.
There are a few things you should know about quick claim deeds.
The first and obvious point of knowledge is that the correct term is "Quitclaim". In addition, the words "Quick" and
"Claim" are not separated. Therefore, the correct and legal term is "Quitclaim Deed"