Iowa Sample Letter for Quitclaim Deed for Foreclosed Property
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How to fill out Sample Letter For Quitclaim Deed For Foreclosed Property?
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FAQ
Once deeds are signed and notarized, they must be filed with the recorder in the county in which the property is located. Recording (I.C.A. § 558.13) ? All Deeds must be filed along with Groundwater Hazard Statement & Declaration of Value at the County Recording Office in the property's jurisdiction (See County List).
A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property. The title is transferred without any amendments or additions.
Signing (§ 558.31) ? A quit claim deed must be signed with the Grantor(s) in the presence of a Notary Public. Additional Documents ? The State of Iowa requires that all Quit Claim Deeds that are filed also have the Groundwater Hazard Statement & Declaration of Value attached when filing to the County Recorder.
A Bill of Sale (PDF) signed by the seller/transferor is required for all title transfers even if the transfer is a gift. A Buyer/Transferee has 30 days to present the properly assigned title to the County Treasurer so that a title can be issued in the Buyer/Transferee name. Penalties will apply after 30 days.
Your parents can put your name on the deed to their house. Many people might see this as a simple method of estate planning. However, it may be a bad idea.
Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.
Having your children as co-owners or remainder owners for your property may simplify the transfer at your death. Their having joint management rights and debt obligations for the property may also be a benefit.
Adding someone to a house deed requires the filing of a quitclaim deed. The form must be executed and notarized before it can override any current deed. How much does it cost to record a deed in Iowa? An Iowa recording fee is about $7 for the first page and $5 for each subsequent page.
