Oklahoma Quitclaim Deed from Husband and Wife to Corporation
Description
Definition and meaning
A quitclaim deed is a legal document used to transfer ownership of property from one party to another without any warranties regarding the property's title. In the context of the Oklahoma Quitclaim Deed from Husband and Wife to Corporation, this deed is utilized when a married couple wishes to convey their interest in a property to a corporate entity. It is important to note that quitclaim deeds do not guarantee that the title is clear, thus the grantee (the corporation) accepts the property 'as is.'
How to complete a form
Completing the Oklahoma Quitclaim Deed requires careful attention to detail to ensure that all necessary information is accurately filled out. Here are the steps to follow:
- Enter the names of the grantors (the husband and wife) and specify them as such.
- Clearly indicate the name of the grantee (the corporation).
- Describe the property being transferred comprehensively. Use legal descriptions or refer to an attachment if necessary.
- Specify any exceptions or reservations related to mineral rights if applicable.
- Include the sales price or other valuable consideration (often noted as ten dollars).
- Sign the document in the presence of a notary public.
- Provide addresses and contact details for both the grantors and grantee.
Who should use this form
The Oklahoma Quitclaim Deed from Husband and Wife to Corporation is suitable for married couples looking to transfer their ownership of real estate to a corporation. This may include property used for business purposes or personal investment. Users of this form typically include:
- Individuals in a marital partnership who jointly own property.
- Corporations seeking to acquire real estate from personal owners.
- Legal representatives or attorneys acting on behalf of the grantors or grantee.
Legal use and context
This deed plays a significant role in real estate transactions in Oklahoma, particularly when property ownership is changing hands without a detailed investigation into title claims. It may be employed in various scenarios including:
- Transferring ownership of a family property to a corporation for business purposes.
- Facilitating estate planning by moving assets into a corporate structure.
- Consolidating ownership of multiple properties under a single corporate entity.
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FAQ
It is also crucial that a spouse know about the loan, even if he or she is not on the mortgage. In general, the spouse must sign a deed of trust, the Truth in Lending and Right to Cancel documents. By signing these documents, they are simply acknowledging the existence of the mortgage.
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.
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.
In states like California and Florida, the spouses may use a quitclaim deed to transfer the property without warranting title. Other stateslike Texasrecognize a similar type of deed called a deed without warranty.
Recording A quit claim deed must be filed with the County Clerk's Office along with the required filing fee (varies by location). Signing (§ 16-26) This form is required to be authorized by the Grantor(s) in front of a Notary Public with their acknowledgment and seal.
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.
In order to transfer ownership of the marital home pursuant to a divorce, one spouse is going to need to sign a quitclaim deed, interspousal transfer deed, or a grant deed, in order to convey the title to the property.
If you sign a quitclaim deed to release yourself from ownership of the property or a claim to the title, then that doesn't mean you are no longer held accountable for the mortgage payment.Otherwise, you may be held responsible for unpaid payments despite no longer having a claim to the title.