This form is a Quitclaim Deed where the Grantors are Husband and Wife / Two Individuals and the Grantees are Husband and Wife / Two Individuals in specified shares. Grantors convey and quitclaim the described property to Grantees. This deed complies with all state statutory laws.
Virginia Quitclaim Deed from Husband and Wife/ Two Individuals to Husband and Wife/ Two Individuals in Specified Shares
Category:
State:
Virginia
Control #:
VA-036-77
Format:
Word;
Rich Text
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How to fill out Virginia Quitclaim Deed From Husband And Wife/ Two Individuals To Husband And Wife/ Two Individuals In Specified Shares?
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FAQ
If you sign a quitclaim deed to release yourself from ownership of the property or a claim to the title, then that doesn't mean you are no longer held accountable for the mortgage payment.Otherwise, you may be held responsible for unpaid payments despite no longer having a claim to the title.
Joint tenancy. Tenancy in common. Tenants by entirety. Sole ownership. Community property.
In states like California and Florida, the spouses may use a quitclaim deed to transfer the property without warranting title. Other stateslike Texasrecognize a similar type of deed called a deed without warranty.
In order to transfer ownership of the marital home pursuant to a divorce, one spouse is going to need to sign a quitclaim deed, interspousal transfer deed, or a grant deed, in order to convey the title to the property.
A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
It is also crucial that a spouse know about the loan, even if he or she is not on the mortgage. In general, the spouse must sign a deed of trust, the Truth in Lending and Right to Cancel documents. By signing these documents, they are simply acknowledging the existence of the mortgage.
A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.