This form is a Quitclaim Deed where the Grantor is a Trust and the Grantees are five individuals. Grantor conveys and quitcliams the described property to Grantees. Grantees take the property as tenants in common or joint tenants with the right of survivorship. This deed complies with all state statutory laws.
Oklahoma Quitclaim Oil, Gas and Mineral Deed - Trust to Five Individuals
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State:
Oklahoma
Control #:
OK-SDEED-8-7
Format:
Word;
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How to fill out Oklahoma Quitclaim Oil, Gas And Mineral Deed - Trust To Five Individuals?
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FAQ
Like land, mineral rights are conveyed through a deed transferring ownership to the buyer. While the property deed will reference the mineral rights transfer at the time of the separation of land and mineral rights, subsequent sales of the land will not.
It will not protect against title issues that arose prior to the time the seller took occupancy. Consequently, it offers less protection to buyers, and more protection to sellers, than a general warranty deed, which is the most common option for selling or buying a property.
Unlike a warranty deed or special warranty deed, a quitclaim deed makes no assurances whatsoever about the property.For example, in a divorce situation where one spouse deeds the house to the other spouse. Quitclaim deeds are commonly used to transfer real property to an LLC or a living trust.
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
What is a Transfer-On-Death Deed? On November 1, 2008, Oklahoma's "Nontestamentary Transfer of Property Act" (Title 58 O.S. ? 1251-1258) went into effect. This law allows a "record owner" to use a "Transfer-On-Death Deed" to name another person to receive his real estate without going through probate.
A quitclaim deed must meet all state and local standards for recorded instruments. Sign the deed in the presence of a notary public and record at the clerk's office in the county where the property is located for a valid transfer. Contact the same office to verify accepted forms of payment.
In Oklahoma, title to real property can be transferred from one party to another by executing a special warranty deed. A special warranty deed conveys an interest in real property to the named grantee with limited warranties of title.Generally, real property is owned in either sole ownership or in co-ownership.
Recording: Oklahoma requires quitclaim deeds to be recorded with the County Clerk's Office in the county where the property is. Filing Fee: The county will charge a filing fee that must be paid with the deed.
The Oklahoma general warranty deed is a type of legal document whereby an owner of a piece of property can sell his or her interest to another person.Once deeds are properly filled out and acknowledged by a notary, they are filed with the registrar of deeds in the county in which the property is located.