Missouri Sample Letter to accompany Revised Quitclaim Deed
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How to fill out Sample Letter To Accompany Revised Quitclaim Deed?
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FAQ
A Missouri quitclaim deed is a straightforward way to transfer real property without providing any warranties about the property title.
A transmutation agreement is a postnuptial agreement. In this sense, it is a document that allows married couples to change the nature of the property they own for their benefit, either to avoid a messy divorce due to property disputes in the future or for tax benefits and other assorted purposes.
In a quitclaim deed, the rights of one party pass to another party, called the grantor and grantee, respectively. As a spouse, you give up your interest in the property when you sign a quitclaim deed. This means that you no longer have a legal right to it.
A lawful quitclaim deed includes the names and addresses of each grantor and grantee, and a complete legal description of the property (59.310, RSMo). Include the preparer's name, address, and signature as well. Besides these requirements, the form must meet all state and local standards for recorded documents.
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.
A deed must include the names of the buyer and seller and the property's legal description. The deed is signed by the person transferring the property and may make that person responsible to the buyer for other claims against or conditions on the property.
Most divorce professionals request a Quit Claim Deed when transferring property for a divorce sale. A basic understanding of the various real estate deeds, i.e., Quitclaim deed vs. Warranty deed, is a must when transferring title and ownership to real estate during a divorce.
Quit claim deeds are common in divorces when one spouse grants his or her rights in real estate from the marriage over to the other spouse. A warranty transfers ownership and explicitly promises the buyer that the seller has good title to the property.
A Quit Claim Deed is used to transfer the joint ownership into sole ownership. More specifically, the Quit Claim Deed removes one spouse's name from the title. The document is prepared by a lawyer. It is then filed with the recorder of deeds in the county where the property is located.
Additionally, quitclaim deeds in Missouri require a physical description of the property being conveyed as well as the tax parcel number. While only the grantor signs the quitclaim deed in Missouri, they must be notarized.
