This form is used when Assignor grants, sells, assigns, and quit claims to Assignee, all of Assignor's rights, title, and interests, if any, in and to the leasehold estate in the Lease and Lands, and in any and all equipment, fixtures, or appurtenances located on the Lands.
Puerto Rico Quitclaim Assignment
Category:
State:
Multi-State
Control #:
US-OG-296
Format:
Word;
Rich Text
Instant download
Description
How to fill out Quitclaim Assignment?
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FAQ
Notary Law is very important because unlike many places in the U.S., Puerto Rico uses notary attorneys to execute all deeds that transfer property. All public documents, affidavit, and sworn statements must be drafted by and signed by a notary attorney.
1. the release or relinquishment of a claim, action, right, or title. 2. a deed or other legal paper in which a person relinquishes to another a claim or title to some property or right without guaranteeing or warranting such title.
A quitclaim allows a person to transfer property to another person with a simple deed. The basic idea is that all the rights and claims of being a property owner are relinquished and legally turned over to someone else.
The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.
The quitclaim deed must: Identify the current owner (grantor) and person receiving the property (grantee). State the legal consideration for the property. Provide a legal description of the property. Be signed by the grantor with two witnesses and a notary.
A quitclaim deed does not make any promises that the seller owns the property or has clear title to it. A quitclaim deed only passes the interest in the property that the seller actually has, without any guarantee. The seller is not responsible to the buyer for a defect in the title.
In PR, only a notary attorney (unique position for PR attorney) who originally recorded the document(s) will have the originals and can provide copies to interested parties at an additional fee. The attorney typically charges anywhere from $25.00 to $50.00.
A quitclaim deed to real estate may be substantially the same as a warranty deed, with the word "quitclaim" inserted in connection with the words "do hereby grant, bargain, sell and convey," as follows: "Do hereby quitclaim, grant, bargain, sell and convey," and by omitting the words, "and warrant the title to the same ...
