The law allows people to transfer property to another person in a variety of ways, one of them being through a quitclaim deed. Interest in actual property is the subject of this type of legal instrument, and it comes in handy for transferring it to just about anyone, but it is especially useful for families who wish to give a relative ownership of a house or apartment as quickly and as simply as possible.
However, there are several pieces of information that you should be aware of if you wish to fill out a quitclaim deed. Knowing what you can do yourself and when a lawyer should be involved will make the process both easy and efficient.
Your Responsibility
While the process of filling out a quitclaim deed doesn’t take that much time, there is plenty of significant information required to make the transfer work. First, there’s the full name of the grantor, who is the current owner of the property, and the grantee, the person that it is being transferred to. Then, there’s the legal address of the transferred property and the date of the transfer.
You’ll also need to clarify why the grantor is transferring ownership of the house or apartment. For example, the grantor may be an aging parent who wants to give their child legal responsibility of their property once they pass away. However, if the property comes with a mortgage, the child would need to get a loan before finishing the transfer.
It’s best to fill out the transfer with all parties present in a location like a local county recording office so that the deal can be made official. Having multiple copies of the transfer will allow for the information to be documented in case one copy gets lost or stolen. Calling the recording office can come in handy if you want to make sure there were no issues with the transfer and the information is up-to-date.
An online rental application can help speed up the process as well as keep the information more secure, but doing it in person also helps all parties have confirmation that the deal went through.
Fitting Circumstances
As mentioned previously, families benefit greatly from using quitclaim deeds to provide property, such as an inheritance for when the grantor passes away. Couples who are getting a divorce can also use one to divide up the property.
However, this deed can be useful for those who want to trust property to a business subsidiary, or if you co-own a company with someone else and you would like to give your share to your partner should you pass away.
The Lawyer’s Job
The real estate attorney brings together all the basic and specific information related to the property and all parties involved needed for the deed to go through. This information includes a certificate or abstract of trust for a transfer to a trust, a certificate of formation or article of incorporation for a transfer to a business, and a legal copy of a death certificate in case you or your co-owner dies.
There are a variety of attorneys available to get you through the process, such as Gold Coast conveyancing solicitors.
What You Won’t Need
The ease of using a quitclaim deed to transfer property comes from all of the information that isn’t needed. Such information includes title insurance and money, as homes are transferred in this case without being sold.
Because no assurances come with this deed, the transfer doesn’t involve any warranties, as the grantor is simply giving the grantee interest in the property. Neither party is really in need of a warranty because they have enough trust in each other to follow through with the deal, hence the common use of this deed among family members.
Keep this information in mind if and when you’re looking for a way to transfer your house or apartment to someone you trust.
