Michigan Disclaimer and Quitclaim of Leasehold Interest

State:
Multi-State
Control #:
US-OG-594
Format:
Word; 
Rich Text
Instant download

Description

This is a form of Disclaimer and Quit Claim of Leasehold Interest.

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FAQ

A quitclaim deed is the opposite of a warranty deed in that the grantor is transferring title to a piece of property but is not warranting that they have good title to that property. A quitclaim deed only transfers whatever interest that the grantor has in the property at the time of the conveyance.

A quitclaim deed contains no covenants or warranties of title.

Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only "remises, releases, and quitclaims" their interest in the property to the grantee.

A quitclaim deed is the opposite of a warranty deed in that the grantor is transferring title to a piece of property but is not warranting that they have good title to that property. A quitclaim deed only transfers whatever interest that the grantor has in the property at the time of the conveyance.

In Michigan, a deed must be signed by the grantor, notarized, and recorded to the Register of Deeds for the property transfer to be considered valid and effective.

A quitclaim deed is a convenient way of transferring a property to a family member. Usually, property transfer using quitclaim deeds does not involve any significant money transactions. As the property owner, you can quickly transfer the ownership of your property to your children, spouse, or any close relatives.

Michigan uses quitclaim deed Form 863, which is different in each county, so make sure to get the form at the office or website of the County Register of Deeds in the county where the property is located.

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.

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Michigan Disclaimer and Quitclaim of Leasehold Interest