Quit Clain Deed

Hi every one.

I am kind of confused. I have been re-searching records and have found a lot of quit claim deeds for $10.00.

What is a Quit Claim Deed, and why are so many people doing it?

Thanks

Mia

A Quit Claim deed does what the name implies, they quit claiming ownership. It is a statement by the grantor that they no longer have a claim, if they had any, in the real property. Anyone can fill-out a quit claim deed on real property. I can Quit Claim any interest I have in your house to Donald Trump. Since I don't have any claim it's a worthless paper but the recorder's will accept it. Think of a quit claim deed as a passive transfer, you are giving up any interest you may have in something.

This is different than a Grant Deed or Warranty Deed where it could be termed as an active transfer. You are specifically granting title to the property to the grantee. This assumes you have the title and are legally able to transfer title. A very different situation from a legal perspective.

Quit Claim Deed: "If I have any interest in the property, you can have it."

Grant or Warrant Deed: "I have an interest and you can have it."

Edit: I forgot to mention that the reason you see $10 is your state may require "consideration" and they're putting $10 as the number. Also, many of the real estate trainers out there will suggest $10.

[ Edited by radio52 on Date 02/01/2006 ]

Thanks for the clarification.

Thanks for the clarification.

Thanks for the clarification.