Everything You Should Learn When it Comes to Quitclaim Deed in California

Whenever a property owner in California "quits" his "claim" to his house it is called a quitclaim deed, which is a legal document utilized to transfer ownership of real property. People often use Quitclaims when gifting property or when adding or taking off a name to your deed. Anybody can draft and complete a quitclaim deed on their own, as it is a very easy process.

 

1.            Get a blank quitclaim deed form. You can go to your county recorder's site to download a quitclaim form or you can pay a visit to a local lawyer's office, office supply shop, or a real estate agent to get a form.

2.            Write down the assessor's parcel number (APN) on the form. The number assigned to every real property for tax reasons is the APN, and you can locate this number on your tax bill. Provide the APN to identify the property.

3.            List the name of the grantor on the form. The individual transferring ownership of the property is considered the grantor. Make sure you list all of the grantors if there is more than one owner.

4.            Calculate the documentary transfer tax. The value of the property is what this tax is based on. So you know what formula to utilize the county recorder's office will help you. Taxes aren't evaluated on the transfer in certain situations. Get a Notice of Exempt Transactions from the recorder's office if the transfer is exempt.

5.            Fill in property details, including the city, county and legal property description. The description on the current deed needs to be copied.

6.            Write the grantee's name. The individual getting the property is known as the grantee.

7.            You must have a notary public present before signing the deed. The only person that signs the quitclaim deed is the grantor.

8.            Go to the county recorder's office to file the deed.. Each county has its own recording fees.

 

Is a Quitclaim Deed in California Legitimate if it is Unrecorded?

 

When it comes to real estate a quitclaim deed documents the surrender of title to a property. If there is any payment for the surrender the deed displays how much was paid, and legally indicates the property that will be exchanging hands. It is pretty much an official record of the transaction, and a notary has to witness signatures to the quitclaim deed in order for everything to be legal. Also, a clerk has to enter the document in the public record.

 

Format

 

A quitclaim deed might be utilized to show property as a gift, to surrender property in a divorce, or to re-title a home in the name of a trust. As you can see it is awarded by one party to another, and it documents the amount of funds paid, or consideration provided, by the grantee to the grantor. The property is identified by the deed by providing information such as its map, lot and plot number. In order to prove the transaction happened the grantee utilizes the quitclaim, and the grantor signs the quitclaim deed and gets the signature notarized.

 

Recording

 

Even though the quitclaim deed is considered a legal document when it is signed, the grantee has to also get the deed documented with the county clerk or anybody that has the authority to record deeds and property transfers. Letting the public authorities and the public know that the transaction has happened is the purpose recording serves. One of the most important steps in the procedure is preventing the grantee from assuming legal title to the property until a quitclaim deed is recorded.}

 

Taxes and Fees

 

Recording the payment of document and transfer costs charged by county and state officials is what a quitclaim deed has to do. Not all real estate transactions within California have to pay transfer taxes. The quitclaim deed, properly signed and recorded, also serves to identify the proper party for payment of property taxes.

 

Other Forms

 

In addition, the filing of a Preliminary Change of Ownership Report with the recording of a quitclaim deed is necessary in California. What this does is give the grantee a chance to claim an exemption from re-assessment of the property, which is often needed on any transfer under California law. Keep in mind that a quitclaim deed doesn't relieve a grantor of any responsibility to a mortgage lender or any other lien holder, and it is only able to transfer or surrender the interest of a single person.