Hello,
A family member cannot pay for his home anymore and is quitclaiming the deed over to me and my brother. What should I put in for the amount on the deed ? Please help !!!! :-(
A quitclaim deeds conveys whatever title the seller owns but with no warranty against the claims of others.
Quitclaim deeds are commonly used by divorcing couples; one spouse signs all his rights in the couple's real estate over to the other. This can be especially useful if it isn't clear how much of an interest, if any, one spouse has in property that's held in another spouse's name.
The person who signs the deed (the person who is transferring the property) should take the deed to a notary public, who will sign and stamp it. The notarization means that a notary public has verified that the signature on the deed is genuine. The signature must be notarized before the deed will be accepted for recording
This deed is used primarily to clear a cloud on title from the records. A CLOUD ON TITLE is a claim, encumbrance or condition that impairs homes until disproved or eliminated, for example, through a quitclaim deed or a quiet title legal action. It is usually a minor defect that requires a quitclaim deed before a title insurance company will clear the transfer.
Quitclaim deeds make no "covenants" (promises); they guarantee nothing, only convey all rights the grantor may have.
A VALID DEED has all the following essentials:
1. It must be in writing.
2. The parties must be properly described.
3. The grantor must have legal capacity.
4. The property must be adequately described.
5. There must be a granting clause (action clause).
6. It must be signed by the granting party.
7. It must be intentionally delivered, and accepted by the grantee.
In California, a quit claim deed must be in writing, signed, and delivered. See California Code §1113.
A Quit Claim Deed won't have any effect on the mortgage.
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A quitclaim deeds conveys whatever title the seller owns but with no warranty against the claims of others.
Quitclaim deeds are commonly used by divorcing couples; one spouse signs all his rights in the couple's real estate over to the other. This can be especially useful if it isn't clear how much of an interest, if any, one spouse has in property that's held in another spouse's name.
The person who signs the deed (the person who is transferring the property) should take the deed to a notary public, who will sign and stamp it. The notarization means that a notary public has verified that the signature on the deed is genuine. The signature must be notarized before the deed will be accepted for recording
This deed is used primarily to clear a cloud on title from the records. A CLOUD ON TITLE is a claim, encumbrance or condition that impairs homes until disproved or eliminated, for example, through a quitclaim deed or a quiet title legal action. It is usually a minor defect that requires a quitclaim deed before a title insurance company will clear the transfer.
Quitclaim deeds make no "covenants" (promises); they guarantee nothing, only convey all rights the grantor may have.
A VALID DEED has all the following essentials:
1. It must be in writing.
2. The parties must be properly described.
3. The grantor must have legal capacity.
4. The property must be adequately described.
5. There must be a granting clause (action clause).
6. It must be signed by the granting party.
7. It must be intentionally delivered, and accepted by the grantee.
In California, a quit claim deed must be in writing, signed, and delivered. See California Code §1113.
A Quit Claim Deed won't have any effect on the mortgage.
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so what amount should put in on the amount on the deed? Thank you for your help !!! :-?
The amount has nothing to do with it..usually it's 1.00 just to show something. You still incur the mortgage costs.
I believe you can enter "gift" as I did when my ex signed a quit claim deed.
Thank You so much for your help !!!!
Deeds are "Specialty Contracts" and require no consideration.
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