A quitclaim deed form is a fast way to have the interest of a property owner transferred to some other individual, without guaranteeing that the full property rights are with the owner. It signifies that other claims could exist on the property title. Due to this reason, family members and other people who rely on each other often make use of this kind of deed.

Who Are Involved In a Quitclaim Deed?

It comprises of two parties, the grantor and the grantee. The ‘grantor’ is the party giving the interest held in the property to some other person, referred to as ‘grantee’.

The grantee is the party receiving the property interest from the grantor. In a Quitclaim deed, it is possible for a single individual to be both the grantee and the grantor. For instance, if you are the owner of the property title to your own house and you wish to transfer 50% of the interest to someone you have married recently, you would list your own name as both the grantee and the grantor and your spouse will be named only as a grantee.

How a Quit Claim Deed Should Be Filled Out?

You can typically create a quit claim deed form Indiana and execute it in the following steps:

• List the grantee and grantor (Grantees and grantors can be corporations or individuals)
• Evaluate the consideration or the price paid by the grantee to the grantor for the interest on the property. An amount must be listed for consideration, in order to have a valid agreement. Even in case of a property interest transfer that is a gift, a small amount such as $20 should be listed.
• Describe the real state property, including a legal description of the same. This description can be found at your local registry office / County clerk office or in an old deed. In a few cases, a personal ID number must be listed as well, which can be obtained on previous tax statements.
• Have the deed executed as a grantor before a notary public. In a few states, witnesses are also needed for the signing of the deed. The signing over, the deed is filed with the Local Registry office or the County Clerk office. It will be recorded by the office and sent to the grantee.