Mississippi Quitclaim Deed from Corporation to Two Individuals
Understanding this form
The Quitclaim Deed from Corporation to Two Individuals is a legal document where a corporation, referred to as the Grantor, conveys its property rights to two individuals, the Grantees. This deed specifically allows for a transfer of ownership without any warranties regarding the title. Unlike warranty deeds, which guarantee clear title, a quitclaim deed does not provide such assurances and is often used in situations where the relationship between parties is trusted or informal.
Main sections of this form
- Identification of the Grantor (corporation) and Grantees (two individuals).
- Legal description of the property being transferred.
- Statement of valuable consideration, typically a nominal amount like ten dollars.
- Reservation of rights regarding oil, gas, and minerals under the property.
- Signatures of the authorized corporate representatives.
Situations where this form applies
This form is essential when a corporation wishes to transfer property ownership to two individuals without the need for a warranty on the title. Common scenarios may include family property transfers, dissolutions of business partnerships, or when simplifying property ownership among trusted associates. It is particularly useful in circumstances in which the parties have an established relationship, mitigating concerns over the lack of title guarantees.
Who can use this document
- Corporations transferring property to individual owners.
- Individuals purchasing or receiving property from a corporation.
- Parties with a trusted relationship where warranty of title is not necessary.
Steps to complete this form
- Identify the parties: Clearly state the name of the corporation as the Grantor and the names of the two individuals as Grantees.
- Specify the property: Attach and reference the legal description of the property being conveyed.
- Enter the consideration amount: Acknowledge receipt of consideration, typically ten dollars.
- List any property reservations: Note that oil, gas, and minerals beneath the property are reserved by the Grantor if applicable.
- Obtain signatures: Ensure that the form is signed by an authorized representative of the corporation and the appropriate officer, such as the Secretary.
Does this form need to be notarized?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to include a complete legal description of the property.
- Not obtaining necessary signatures from corporate representatives.
- Omitting the reservation clause regarding oil, gas, and minerals.
- Neglecting to check local recording requirements, which may affect validity.
Why use this form online
- Convenience of downloading and printing at your own pace.
- Editability allows for customization to suit specific needs.
- Access to legally vetted documents prepared by licensed attorneys.
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FAQ
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
When done properly, a deed is recorded anywhere from two weeks to three months after closing. However, there are many instances where deeds are not properly recorded. Title agents commit errors, lose deeds, and even go out of business. Even county offices sometimes fail to record deeds that were properly submitted.
To use a Quitclaim Deed to add someone to a property deed or title, you would need to create a Quitclaim Deed and list all of the current owners in the grantor section. In the grantee section, you would list all of the current owners as well as the person you would like to add.
A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.
Before a quitclaim deed can be recorded with a county recorder in Mississippi, the grantor must sign and acknowledge it. The names, addresses, and telephone numbers of the grantors and grantees to the quit claim deed, along with a legal description of the real property should be provided on the first page (89-5-24).
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
They are commonly used to add/remove someone to/from real estate title or deed (divorce, name changes, family and trust transfers). The quitclaim deed is a legal document (deed) used to transfer interest in real estate from one person or entity (grantor) to another (grantee).
