This form is a Quitclaim Deed where the Grantor is an individual and the Grantees are two individuals. Grantor conveys and quitclaims 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.
Michigan Quitclaim Deed from Individual Grantor to Two Individual Grantees
Category:
State:
Michigan
Control #:
MI-035-77
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Word;
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Key Concepts & Definitions
Quitclaim Deed: A legal instrument used to transfer an interest in real property. The grantor (seller) terminates their right and claim to the property, thereby allowing the transfer of their interest to the grantee (buyer) without warranties of title. Quitclaim deed from individual grantor to two implicates that an individual grantor is transferring their interest in a property to two grantees. This tool is often utilized in estate planning, among other scenarios.
Step-by-Step Guide to Processing a Quitclaim Deed from an Individual to Two Grantees
- Prepare the Quitclaim Deed: You can obtain a quitclaim deed form online or from an attorney. Ensure that the details of the grantor and the two grantees are accurately filled.
- Sign in the Presence of a Notary: The grantor must sign the deed in the presence of a notary public to authenticate their identity.
- Deliver the Deed: The deed must be physically or electronically delivered to the grantees. Both grantees must accept the deed for the transfer to be effective.
- Record the Deed: Recording the deed with the local county office is crucial to make the transaction public record, thus protecting the interests of the grantees.
Risk Analysis in Quitclaim Deeds
- Lack of Warranty: Quitclaim deeds do not guarantee that the grantor has clear title to the property. This can pose risks of undisclosed liens or claims.
- Impact on Property Title Insurance: Because quitclaim deeds do not warrant clear title, it can be more challenging to obtain property title insurance.
- Property Tax Liens: Existing property tax liens on the property remain intact, which can become the responsibility of the grantees.
Best Practices for Quitclaim Deeds
- Verify the existence of any property tax liens or other encumbrances before proceeding with a quitclaim deed.
- Utilize professional estate planning services or real estate planning expertise to ensure the quitclaim deed correctly aligns with broader estate planning goals.
- Always have real estate transactions reviewed by a legal professional to avoid potential pitfalls.
Common Mistakes & How to Avoid Them
- Neglecting Thorough Documentation: Thoroughly fill out all required details on the quitclaim deed to avoid issues during recording or disputes later.
- Ignoring Professional Advice: Engaging with estate planning services or consulting an attorney can provide crucial insights and prevent legal complications.
- Omitting a Notary: Always ensure that the quitclaim deed is notarized to confirm its authenticity and enforceability.
FAQ
- Can I complete a quitclaim deed online? Yes, quitclaim deeds can sometimes be prepared and filed online, depending on county regulations.
- Is it necessary to have a lawyer for a quitclaim deed? It is advisable to consult a lawyer or a professional in real estate planning to ensure that all legal aspects are properly handled.
- How does a quitclaim deed affect property taxes? The responsibility for property taxes often transfers with ownership. Make sure to check local tax implications.
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FAQ
Write the Deed Fill out the quit claim deed form, which can be obtained online, or write your own using the form as a guide. The person giving up the interest in the property is the grantor, and the person receiving the interest is the grantee.
In Michigan, a quit claim deed must be signed by a witness, in addition to the notary, to make it legal.After all required signatures are collected and notarized, file the document with your local register of deeds to complete the transaction.
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.
It's usually a very straightforward transaction, but it's possible for a quitclaim deed to be challenged. If a quitclaim deed is challenged in court, the issue becomes whether the property was legally transferred and if the grantor had the legal right to transfer the property.
A Michigan quitclaim deed form provides no warranty of title. That means that the new owner has no legal right to sue the prior owner if there is a problem with the title to the property. The new owner simply takes whatever title that the prior owner has.
Step 1: Download the MI quitclaim deed form. Step 2: Add the name and address of the preparer under Prepared By on the first line of the document. Step 3: Add the return address under After Recording Return To. This is typically the name and address of the grantee, but it could be a different party.
Michigan laws allow an individual to add another person to their property deed through the use of a quitclaim deed. A quitclaim deed is used when a property owner wants to transfer ownership and all rights to a property to another individual or group of individuals.
The Quit Claim Deed form uses the terms of Grantor (Seller or Owner of said property) and Grantee (Buyer of said property) for the two parties involved. First, the parties must fill in the date. Then, write in the name of the county and state in which the property is located.