Tennessee Quitclaim Deed from Individual to Two Individuals in Joint Tenancy
What this document covers
The Quitclaim Deed from Individual to Two Individuals in Joint Tenancy is a legal document used for transferring property ownership from one individual (the Grantor) to two individuals (the Grantees) as joint tenants. This form allows the Grantor to convey their interest in the property while reserving rights to any oil, gas, and minerals. Unlike warranties or other types of deeds, a quitclaim deed does not guarantee that the Grantor holds clear title to the property, making it essential for the parties involved to understand its implications.
Main sections of this form
- Description of the property being transferred.
- Grantor and Grantees' names and addresses.
- Reservation of rights for oil, gas, and mineral interests.
- Statement regarding joint tenancy and right of survivorship.
- Source of the Grantor's title.
- Notary acknowledgment section for verification.
When this form is needed
This form is typically used when an individual wishes to transfer property ownership to two other individuals as joint tenants. Scenarios may include family members wanting to own property together, or friends purchasing real estate as a joint investment. It is particularly useful in contexts where the Grantor does not need to provide a warranty of title and wants to simplify the conveyance process.
Who needs this form
- Individuals wishing to transfer property without warranties.
- Family members or friends purchasing property together.
- Grantors who want to reserve rights to minerals beneath the property.
- Anyone needing a simple and efficient method to convey property ownership.
Instructions for completing this form
- Identify the parties: Fill in the names of the Grantor and the two Grantees.
- Describe the property: Clearly outline the property being transferred, including its legal description.
- Add the reservation clause: Specify any oil, gas, and mineral rights being reserved by the Grantor.
- Complete the title source: Document how the Grantor acquired their title to the property.
- Sign and date: The Grantor must sign the deed in front of a notary.
- Notary acknowledgment: Ensure the notary public completes their section to validate the document.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes to avoid
- Failing to provide a complete legal description of the property.
- Not including the necessary reservation of rights for oil, gas, and minerals.
- Omitting signatures or notarization, which can lead to legal issues.
- Using the form incorrectly for property transfers that require warranties.
Why complete this form online
- Convenient access to complete the form at any time.
- Editable templates allow for quick adjustments as needed.
- Reliable guidance ensures compliance with legal standards.
- Immediate access to downloadable forms saves time and paperwork.
State-specific compliance details
This form complies with the statutory laws relevant in the state of Tennessee, ensuring that all elements required for a valid quitclaim deed are included. Be aware that local laws may vary, so it is advisable to check specific regulatory requirements in your jurisdiction before use.
Form popularity
FAQ
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.
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 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.
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.
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 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.
If the quitclaim deed requires the signature of all co-owners, the deed is invalid unless all co-owners have signed it and the deed is then delivered to the grantee.If one individual owns real estate and desires to add a co-owner such as a spouse, a quitclaim deed might be used.
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.
