Rhode Island Quitclaim Deed for Mineral / Royalty Interest
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How to fill out Quitclaim Deed For Mineral / Royalty Interest?
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FAQ
With a quitclaim deed, the grantor transfers its interest in the property to the grantee by terminating (or ?quitting?) any right or claim it has to the property.
Rhode Island does NOT record by county. Recordings are to be sent to the appropriate City or Town recording office of the PROPERTY ADDRESS. All documents are returned immediately upon recording. If you are mailing in your document, please send to Property Records 43 Broadway Newport, R.I.
In real estate, a grantee is the recipient of the property, and the grantor is a person that transfers ownership rights of a property to another person.
A Rhode Island quit claim deed is a legal document that transfers a property title to a new owner (the ?grantee?) with a guarantee that the title has not been encumbered during the grantor's ownership period, but not that of previous owners.
A Rhode Island deed of trust conveys a property title from a person acquiring real estate financing to a ?trustee? as a means to secure a loan from the financier.
No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
Quit Claim deeds make no covenants, (promises); they guarantee nothing. They only convey the rights the grantor may have had. o Accession (Transfer by Accenssion): Occurs when an owner acquires title to additional land by natural causes; that is, additions to the property by natural growth.
Unlike a warranty deed, the quitclaim deed only covers encumbrances made by the grantor. It does not cover any preexisting encumbrances such as easements or restrictions set forth by the municipality.
In Massachusetts, a quitclaim deed is akin to a special warranty deed elsewhere. There is a $25 filing fee for new deeds in Massachusetts as well as a property transfer tax which is typically $2.28 per $500 of taxable value.
NounLaw. a transfer of all one's interest, as in a parcel of real estate, especially without a warranty of title.
