This form is a Quitclaim Deed where the grantoris an individual and the grantees are two individuals. Grantor conveys and quitclaims the described property to grantees. Grantees take the property as tenants in common or joint tenants with the right of survivorship. This deed complies with all state statutory laws.
Wisconsin Quitclaim Deed - One Individual to Two Individuals
Category:
State:
Wisconsin
Control #:
WI-022-77
Format:
Word;
Rich Text
Instant download
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How to fill out Wisconsin Quitclaim Deed - One Individual To Two Individuals?
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FAQ
A quitclaim deed will remove the out-spouse (or departing spouse) from the title to the property, effectively relinquishing their equity or ownership in the home. The execution of a quitclaim deed is typically a requirement of a divorce settlement in order to complete the division of assets.
The good news is that, though it may not be an attractive option to many buyers, you can still sell the property normally. The title will still have been transferred to you. The quitclaim deed affects ownership and the name on the deed, but it does not affect the name on the mortgage.
A Quitclaim Deed must be notarized by a notary public or attorney in order to be valid.Consideration in a Quitclaim Deed is what the Grantee will pay to the Grantor for the interest in the property.
The quitclaim deed only transfers the type of title you own. Deed transfers of any kind impact only the ownership and do not change or affect any mortgage on the property.
Usually, taking off names from the deed must be agreed upon by the parties/owners involved. If in case that you don't have a consent from the person whose name is to be removed, it could be a more complex situation. You'd need to get a legal advice on this and consult a lawyer.
You can actually draw up a quitclaim deed on your own without a lawyer, though you should visit a notary public and get the form notarized. As with the creation of other legal documents, like a last will and testament, you may be able to find a quitclaim deed form online that you can easily fill out.
Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.
A quitclaim deed is a poor way to give legal ownership of a property back to a previous owner -- or to transfer it to anyone except those close to you -- because there is no guarantee that your ownership interest is valid and uncontested. The other party likely will insist on a grant deed or a warranty deed.
Using a quitclaim bill of sale can have benefits for both seller and buyer. A seller is able to sell the property without having to ensure the title is clear. They sell it without guarantees, so if, for example, there is a lien against the property, that lien passes with the property to the buyer.
A quitclaim deed is often used if the grantor is not sure of the status of the title (whether it contains any defects) or if the grantor wants no liability under the title covenants.