In the legal world of real estate, the party transferring their property rights is the grantor while the recipient of the rights is the grantee. So, if you hear someone calling it a quick claim deed, know that they are mistaken. It is also called a non-warranty deed or simply a quitclaim. It is commonly used by family members gifting or transferring their rights in the property to their children or siblings. This real estate deed is a legal instrument used to facilitate the conveyance of rights in property from one person to another. But before we look at how you can use the quitclaim deed, let’s look at the basics of the deed. So, if you are transferring property to someone else, this might be the real estate deed you want to use. It is the most popular real estate deed, and its creation takes little time. How to Prepare a Valid Quitclaim Deed in OregonĪ quitclaim deed is a type of the real estate 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.
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