Missouri Quitclaim Deed from Two Individuals, or Husband and Wife, to a Trust
Definition and meaning
A Missouri Quitclaim Deed from Two Individuals, or Husband and Wife, to a Trust is a legal document that transfers ownership of real property from the grantors (the individuals or spouses) to a trust. This type of deed does not guarantee that the title is free from defects; instead, it allows the grantors to convey whatever interest they have in the property to the trust without making any warranties about that interest.
How to complete a form
Completing the Missouri Quitclaim Deed requires you to fill in specific details about the grantors and the grantee, as well as the legal description of the property. Here are the steps to complete the form:
- Enter the names and addresses of both grantors.
- Provide the name and address of the trustee (grantee).
- Insert the legal description of the property being transferred.
- Indicate the date of the document and the effective date of the transfer.
- Both grantors must sign the deed in the presence of a notary public.
Who should use this form
This form is appropriate for individuals or couples (husband and wife) who want to transfer their real property to a trust for estate planning or asset protection purposes. It is especially useful for people looking to avoid probate or manage estate assets proactively.
Key components of the form
The Missouri Quitclaim Deed includes several key components:
- Grantors: The individuals transferring the property.
- Grantee: The trust receiving the property.
- Legal Description: A precise description of the property for any legal purposes.
- Consideration: A statement indicating the exchange of value, often a nominal amount, such as ten dollars.
- Notary section: A space for the notary public to validate the signatures of the grantors.
What to expect during notarization or witnessing
When you are ready to notarize a Missouri Quitclaim Deed, both grantors must appear before a notary public. During this process:
- The notary will verify the identities of the grantors through valid identification.
- Both grantors will need to sign the deed in the notary's presence.
- The notary will complete their section by signing and sealing the document.
This notarization process ensures the legality and acceptance of the document in Missouri.
Form popularity
FAQ
A quitclaim deed only transfers the grantor's interests in a piece of real estate.A warranty deed contains a guarantee that the grantor has legal title and rights to the real estate. A quitclaim deed offers little to no protection to the grantee. It offers the least amount of protection out of any other type of deed.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
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.
The title of the document. The date of the transfer. All grantors' names. Any grantees' names. Statutory addresses. A legal description for the property. References to the page numbers of the reference books, if applicable.
First, so long as you own the property you purchased, you are obligated to pay its property taxes. One way to get a warranty deed to the property you acquired via a foreclosure where you got a quit claim deed for it is to simply deed the property to yourself or a trust that you created as a grant (warranty) deed.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Once a quit claim deed has been completed and filed with the County Clerk's Office, the title will officially pass from the grantor to the grantee. The only way to reverse a quit claim deed is to go to court and prove that the grantor was forced to sign the document under duress.
In some instances, however, quitclaim deeds are used when the grantor has a mortgage. In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages.
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.