And it doesn’t carry warranties of the individual’s rights or interests in the property. The document does not, however, state the nature of the person’s interest/ right in the property. What is a quit claim deed?Ī quitclaim deed (quitclaim form, non-warranty deed, or quitclaim) refers to the legally binding document that releases an individual’s interest in a named property. If you’d like to give up your interests in real property to your spouse or your ex-spouse or if you’d like to gift your property to a family member for rental use or any other use, the statutory laws in Alabama require you to sign a document called a quit claim deed. Do any of these situations apply to this Quitclaim Deed?.Required for an oil and gas lease valued at less than $100.00. The debt on the property being transferred is more than the property's value.Transfers full ownership to a business you own or you, as owner, of a business are transferring property from the business to your individual name.Necessary to transfer title after the terms of a land contract are met.Required for clarification after a legal name change.Required to clarify the real estate is community property.Required to clarify the real estate is the separate property of a spouse.Complies with a court order which did not require the sale of the property but rather a transfer between parties.Changes tenancy between the property owners (ex: from joint tenancy to tenancy in common with rights of survivorship).Transfers land into or out of a Living Trust.Transfers the property to pay off a loan or debt.Transfers the property as security for a debt (to obtain a mortgage, for example).Clarifying a deed previously filed which does not change the property owners or their interest (ex: to add a middle initial for an owner).Part of a divorce settlement giving interest to an ex-spouse.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |