South Carolina Quitclaim Deed from Individual to Two Individuals in Joint Tenancy
Description
Key Concepts & Definitions
Quitclaim Deed: A legal instrument used to transfer an individual's ownership rights in a property to another without guaranteeing the title's validity. Warranty Deed: Contrasts a quitclaim deed by providing guarantees about the title and its encumbrances. Joint Tenancy: A form of ownership in which two or more individuals share equal ownership and have the right of survivorship.
Step-by-Step Guide to Transferring Property via Quitclaim Deed
- Prepare the Quitclaim Deed Form: Include details of the grantor (current owner) and grantee(s) (new owners), legal description of the property, and the parcel number.
- Sign in the Presence of a Notary: The grantor must sign the deed in the presence of a notary to validate the deed.
- File the Deed: Submit the signed deed to the local county recorders office to make the transfer official and public record.
Risk Analysis
Using a quitclaim deed, especially from an individual to two individuals, involves risks such as transfer of undisclosed liens and disputes over property ownership. There's also no warranty against encumbrances, which might lead to legal issues for the grantees.
Pros & Cons of Using Quitclaim Deeds
- Pros: Simple and cost-effective transfer method, quick processing.
- Cons: No protection against defects in the title, potential for future disputes.
Best Practices
- Ensure a thorough title search before proceeding with a quitclaim deed.
- Consult a real estate attorney for legal advice tailored to your situation.
- Consider the implications on personal finance, such as mortgage rates and home refinance options when adding owners to the title.
Common Mistakes & How to Avoid Them
- Failing to Conduct a Title Search: This can lead to inheriting unknown liens. Always perform a title search first.
- Not Consulting Legal Professionals: Obtain legal advice to understand all implications of the quitclaim deed.
FAQ
- Can a quitclaim deed be reversed? Reversing a quitclaim deed requires a new deed, transferring the property back to the original owner, agreed upon by both parties.
- Does a quitclaim deed affect mortgages? Quitclaim deeds do not release the individual from their mortgage obligations; the original mortgage terms remain in effect unless refinanced or otherwise altered.
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FAQ
A quitclaim deed is quick and easy because it transfers all of one person's interest in the property to another.The deed transfers all claims the seller has to the property, if any. If the seller has no interest in the real estate, no interest is transferred.
The deed specifies that the joint tenants own an equal amount of interest in the purchased property and are thus equally liable for it financially.Instead of selling, a joint tenant can choose to transfer their interest to another party.
Discuss property ownership interests. Access a copy of your title deed. Complete, review and sign the quitclaim or warranty form. Submit the quitclaim or warranty form. Request a certified copy of your quitclaim or warranty deed.
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.
A quitclaim deed is a deed (proof of ownership) that is passed from a grantor (the existing property owner) to a grantee (the new property owner) that does not have a warranty.A quitclaim deed has no guarantees for the grantor or grantee.
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.
Laws § 27-7-20. Recording All forms must be filed at the County Recorders of Deeds. Signing (A§ 30-5-30) A quit claim deed in South Carolina is required to be authorized by a notary public and two (2) subscribing witnesses.
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.
You can apply to court to change your ex-partner's tenancy to your name, or remove their name from a joint tenancy. You can apply for a 'transfer of tenancy' if: your landlord refuses to change your tenancy. your tenancy doesn't allow a transfer.