South Carolina Quitclaim Deed from Husband and Wife to Corporation
Description
Definition and meaning
A South Carolina Quitclaim Deed from Husband and Wife to Corporation is a legal document that allows a married couple (the Grantors) to transfer their interest in real property to a corporation (the Grantee). This type of deed does not guarantee that the Grantors hold a clear title to the property; rather, it simply relinquishes their rights to the property to the Grantee without any warranties.
Who should use this form
This form is suitable for married couples who wish to convey their property rights to a corporation. It is particularly relevant in business contexts where a couple intends to transfer ownership of property into the corporation's name for purposes such as business operations or asset management. Users should ensure that they have valid property rights before executing the deed.
Key components of the form
The South Carolina Quitclaim Deed includes several essential sections that facilitate the transfer of property:
- Grantors and Grantee Details: Names and addresses of the individuals transferring the property and the corporation receiving it.
- Property Description: A description of the real estate being transferred, including any attachments for detailed information.
- Consideration: A statement acknowledging the amount of consideration paid (usually a nominal fee like ten dollars).
- Notary Acknowledgment: Signature of a notary public who verifies the identities of the Grantors during the signing process.
State-specific requirements
In South Carolina, specific legal requirements must be fulfilled when completing a Quitclaim Deed. The document must be signed by the Grantors in front of a notary public who will attest to their identities. Additionally, the deed should be recorded in the county where the property is located. Failure to comply with these requirements may affect the enforceability of the deed.
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FAQ
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.
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.
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.
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.
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.
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.
The grantor must sign the quitclaim deed in the presence of two credible witnesses. The quitclaim deed must also be subscribed by the two witnesses. The address of the grantee is needed in order to record this type of real estate document.
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.