This form is a Quitclaim Deed where the Grantor is an individual and the Grantees are three individuals. Grantor conveys and quitclaims all interest in the the described property including, but not limited to, any reserved life estate. This deed complies with all state statutory laws.
Pennsylvania Quitclaim Deed from Individual Grantor to Three Individual Grantees with Release of Life Estate
Category:
State:
Pennsylvania
Control #:
PA-026-77
Format:
Word;
Rich Text
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Description
Definition and meaning
A Pennsylvania Quitclaim Deed is a legal document that allows an individual, referred to as the Grantor, to transfer their ownership interest in a specific piece of property to multiple individuals, known as Grantees. This type of deed is particularly useful when there is no guarantee of the Grantor's title and is known for its simplicity and speed in real estate transactions. In this instance, the deed includes a specific relinquishment of a life estate, meaning the Grantor is voluntarily giving up their right to reside in or use the property for the remainder of their life.
How to complete a form
Completing the Pennsylvania Quitclaim Deed requires careful attention to detail. Users should follow these steps:
- Begin by entering the names of the Grantor and Grantees in the designated fields.
- Clearly describe the property being transferred, including any prior reference documents that may be relevant.
- Ensure that the legal description of the property is accurate and complete by referring to attached Exhibit A.
- Sign and date the form in the presence of a notary public.
- Submit the completed deed to the appropriate local county office for recording.
Who should use this form
This form is ideal for anyone in Pennsylvania who wishes to transfer property to multiple individuals while also releasing any life estate interest in the property. It is often used among family members or partners who want to facilitate a smooth transfer of property ownership without the complexities of a warranty deed. Individuals looking to simplify their estate planning may also find this form beneficial.
What to expect during notarization or witnessing
When executing the Pennsylvania Quitclaim Deed, it is essential to have the document notarized. During this process, the Grantor will need to present valid identification to the notary public to confirm their identity. The notary will witness the signing of the document and will affix their official seal. This step ensures the authenticity of the deed and its acceptance by the county recorder's office. Additionally, it is important to ensure that all parties involved understand the terms of the transfer before finalizing the notarization.
Key components of the form
The Pennsylvania Quitclaim Deed includes several critical components:
- Grantor Information: The name and address of the individual transferring ownership.
- Grantees Information: The names and addresses of the individuals receiving the property.
- Legal Description: A detailed description of the property, often attached as an Exhibit.
- Consideration: The value exchanged for the property, which is usually nominal in quitclaim deeds.
- Signatures: The required signatures of the Grantor and notary public.
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FAQ
You'll need to pay a fee, which varies from county to county. For example, in Montgomery County, near Philadelphia, the fee for recording a deed is $86.75 for up to four pages and up to four names, and $1 per additional name and $4 per additional page.
Filing a quitclaim deed is a right of any property owner. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. Transferring the mortgage without refinancing is possible through an assumption of the loan, which requires lender approval.
Fill in the deed form. Print it out. Have the grantor(s) and grantee(s) sign and get the signature(s) notarized. Fill out a Statement of Value form, if necessary. Get the Uniform Parcel Number (UPI) on the deed certified, if required by your county.
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.
Quitclaim Does Not Release Debts Signing a quitclaim deed and giving up all rights to the property doesn't release you from any financial obligations you may have. It only removes you from the title, not from the mortgage, and you are still responsible for making payments.
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.
Even if you sign a quitclaim deed, the mortgage balance will continue to show up on your credit report. This will hurt what is called your debt utilization ratio. This may mean you have too much debt to be qualified for your next mortgage when you want to buy a new home.
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.