Quitclaim Deed Replace Selected Option For Free

Quitclaim deeds are most often for transferring property between family members or to cure a defect on the title, such as a misspelling of a name.

A quitclaim deed is a legal instrument which is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.

Property owners use a quitclaim deed when transferring ownership to someone they know or are related to, particularly if the property transfer is a gift between family members or to add or remove spousal names from titles.

Updated . An Indiana quitclaim deed is a document that allows a seller to transfer real estate to a buyer in Indiana. A quit claim does not have any warranties as to title, meaning the seller is not guaranteeing that he or she has clear title to the property.

A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a notarized signature of the grantor, and the name and address of the party that has prepared the deed.

In which of the following situations could a quitclaim deed NOT be used? c. The answer is to warrant that a title is valid.

FINALIZE THE SALE: A cashier's check is required for the full amount due. At the closing, the buyer will receive a copy of all the closing documents. The official ?recorded? quit claim deed will be mailed as soon as it is returned from the Recorder's Office. This usually takes about two weeks.

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.

Once the transfer is complete, there is no way to nullify or undo a quitclaim deed unless both parties consent to the arrangement. If the original grantor does agree to take back the property, you must draft and file a new quitclaim deed to void the original.

A deed of gift once executed and registered cannot be revoked, unless the mandatory requirement of Section 126 of Transfer of Property Act, 1882 is fulfilled.