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WHEN A QUITCLAIM DEED SHOULD
BE USED
Quitclaim deeds are used to convey interests in
property that is claimed by the person conveying the interest. Since a
quitclaim deed can convey an interest in real estate as well as other
property we have separated the two since the deeds contain slightly
different recitations.
CONDITIONS UNDER WHICH YOU SHOULD EXECUTE A QUITCLAIM DEED FOR
REAL ESTATE
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Quitclaim deeds differ from general warranty deeds
in that they do not purport to convey the property but only the
interest of the person executing the deed. A general warranty deed not
only conveys the property but warrants good and marketable title in
the person executing the deed. If the person signing the quitclaim has
no interest none is conveyed and no action for breach of title lies.
The purchaser who receives a quitclaim deed is put on notice that the
person signing the deed may not have any interest in the property at
all.
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Quitclaim deeds are commonly used by title companies where a title
search discloses possible heirs who may be able to claim an interest in the property. Quitclaim deeds are also used
by spouses who convey their interest in the homestead to the other
spouse, particularly in a divorce proceeding. They are used by heirs who have an interest in
real estate but want to quitclaim their interest to another. An
example is where a father dies without a will leaving adult children.
The children might quitclaim their interest to their mother so she can
sell the property; or, they may quitclaim to each other.
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INFORMATION ABOUT USING THIS QUITCLAIM DEED
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If you are quitclaiming an interest in real estate, use this form. Be
sure that you insert the legal description precisely as it is
described. You may copy the legal description from another deed or title
policy. If there are two or more persons joining in the quitclaim, you
must use a separate quitclaim deed for each.
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The price of this
Quitclaim Deed for Real Property
is $5.00.
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CONDITIONS UNDER WHICH YOU SHOULD EXECUTE A QUITCLAIM DEED FOR
OTHER PROPERTY |
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Quitclaim deeds
may be used to convey an interest in property other than real
estate. If you own an interest in a business or stocks you may
convey your interest by quitclaim deed. Lets say you own a
one-half interest in the Kentucky Derby winner. You may sell
your interest by quitclaim deed. |
INFORMATION ABOUT USING THIS QUITCLAIM DEED
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If you are quitclaiming an interest in property other than real
estate, use this form. If the property is identified by serial
number, certificate number or some other means of
identification, be sure that you include this in your property
description.
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The price of this
Quitclaim Deed for Other Property
is $5.00. |
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