Quit claim deeds are legal documents which can transfer ownership rights over a property from one individual to another, referred to as the granter and the grantee respectively. These types of deed transfers comprise of the names of both the parties as well as a legal description of the piece of real estate in question. A free quit claim deed form has to be filed with the office of the county recorder and can be a part of the public record of that place.
It is important to note that quit claim deeds are attractive for grantees as well as grantors, for various important reasons:
Simple and straightforward
These are used rarely in title transfer in case of commercial real estate sales. You can find these being used most often for interest transfer in a property where there is no exchange of money, as in case of between family members.
Most of these types of documents are quite short in nature and direct in approach. These can be created very easily and you can find templates for these kinds of deeds online on many real estate and legal forms websites. However, it is important to note that before offering any piece of real estate to somebody else with the help of a quitclaim deed in Washington State, you should seek legal advice from a professional attorney who has expertise in the real estate laws of the state.
Legally binding in nature
Although these kinds of documents are very simple in nature, these are legally binding as well. In other words, quit claim deeds have a legal validity and in a title search these can be useful in showing proof of ownership. But it is important to note that in some cases, these are not sufficient as title insurance or proof of title to sign a deed.
Excellent for internal transfers
Probably one of the biggest reasons why these are loved by so many people is the fact that - with quitclaim deeds, interest in property can be transferred from individuals to a living trust or among the members of the same family.
These kinds of documents can quickly clear up disputes in property title and ensure an easy transfer of property among family members, although these are less comprehensive than warranty deed or other legal instruments out there. However, both kinds of deeds need to be stamped by the notary public and then filed with accounting clerk, City recorder or County record. On these transactions, a transfer tax is often assessed by some municipalities.
Carl writes often about online legal drafting like affidavit, bill of sale and quitclaim deed forms to help the people.
Last updated June 23, 2022