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What is a quitclaim deed?
A Quitclaim Deed is a legal document that transfers property from one person to another without any kind of protection or warranty from the seller. A seller, or grantor, literally “quits” his or her “claim” to the property, and gives those rights to the buyer, or grantee. We call the seller’s ownership of the property an interest in real estate. A quitclaim deed is typically used in scenarios to “clean up” the title to a property where the grantor isn’t exactly sure what kind of interest he or she holds, but wants to give it away to the grantee.
Common examples of uses for a quitclaim deed:
- Selling a property to another without performing a title examination or obtaining title insurance
- Gifting a property to another
- Transferring property to a living trust or a limited liability company
- Resolving a “cloud” on title
In a standard transaction with title insurance, we typically recommend the use of a Warranty Deed instead, which is a document where the seller warrants or guarantees that the seller holds good title to the property, and will defend the buyer against any other claimants who might challenge the buyer’s title. In this scenario, the seller usually buys or splits the cost of a title insurance policy for the buyer, which serves as the first line of defense in case any title problems arise.
Why hire an attorney to draft your deed?
In the state of Ohio, deed drafting is considered a legal service that only an attorney can provide. All title companies use an attorney to draft deeds in arm’s length real estate transactions.
Many potential clients ask why they need to engage a lawyer to draft a deed if they can download a form off the Internet and take it to the recorder’s office. The obvious answer is that deeds are permanently recorded with the county and errors won’t be noticed for years, sometimes decades, down the line. By that time, it’s often too late to reach the seller to correct the problem.
What kind of issues can arise?
Here’s a short list of potential issues that we commonly see when property owner try their hand at drafting their own deeds:
- Dower not released by a spouse
- A trade name or trust without a trustee is named as the grantor or grantee
- Legal description is incorrect or references the wrong parcel
- Notary clause not properly drafted
- Grantee’s name misstated
- Grantee’s corporation or LLC not registered with the state
All of these issues can cause a deed to become defective. Don’t let this happen to you! Our resident experts use a thorough checklist to evaluate each transaction to ensure that no mistakes are made. Whether you need a full closing or simply a quitclaim deed, we can help you get it done quickly and smoothly.
OK, I’ll hire an attorney. What does it cost?
We’re not expensive! We charge a flat rate of $200 to draft and record a deed, plus applicable taxes and government fees. We can determine what the taxes and fees will be and build it into your invoice.
Call us today at 888-403-1259, email email@example.com, or fill out the form below and we will promptly return your inquiry.