Wisconsin Quitclaim Deed from Corporation to Individual
Definition and meaning
A Wisconsin Quitclaim Deed from Corporation to Individual is a legal document used to transfer ownership of real property from a corporation to an individual. Unlike warranty deeds, quitclaim deeds do not guarantee that the title is free from liens or other claims. This form mainly serves to release the corporation's interest in the property, allowing the individual to claim it without extensive warranties.
How to complete a form
To complete the Wisconsin Quitclaim Deed from Corporation to Individual, follow these steps:
- Identify the Grantor: The corporation transferring the property must be clearly identified, including its legal name and state of incorporation.
- Identify the Grantee: The individual receiving ownership should be named in the deed, along with marital status.
- Describe the Property: Provide a detailed description of the property being transferred. Include the Parcel Identification Number and any previous instrument references.
- Sign and Date: Authorized representatives of the corporation must sign the deed and include the date of signing.
- Notarization: The document needs to be notarized to ensure its legality.
Who should use this form
This form is ideal for corporations that need to transfer property ownership to an individual. It is commonly used during property sales, transfers of assets after restructuring, or settling estate matters. Individuals receiving the property should also ensure they understand the implications of accepting a quitclaim deed.
Legal use and context
In Wisconsin, a quitclaim deed is a legitimate method of transferring property ownership. This form is particularly relevant in situations where the Grantor cannot provide a warranty of clear title. Examples include property given as a gift, transfers among family members, or transfers within corporate restructuring. Users must ensure that the transaction complies with state laws and property regulations.
Key components of the form
The Wisconsin Quitclaim Deed from Corporation to Individual includes several key components:
- Grantor Information: Full legal name of the corporation transferring ownership.
- Grantee Information: Full legal name of the individual receiving property.
- Property Description: Detailed legal description of the land, including Parcel Identification Number.
- Consideration: Statement acknowledging any payment or value exchanged for the property.
- Notary Section: Section for a notary public to acknowledge the signatures.
Common mistakes to avoid when using this form
When completing a Wisconsin Quitclaim Deed from Corporation to Individual, be cautious of the following mistakes:
- Failing to accurately describe the property. Ensure the legal description matches public records.
- Omitting necessary signatures. Ensure all required representatives from the corporation sign the deed.
- Not having the document notarized. This step is crucial for the deed’s validity.
- Ignoring state-specific regulations. Corporations should verify that they are compliant with all local and state laws regarding property transfers.
Form popularity
FAQ
A quitclaim deed will remove the out-spouse (or departing spouse) from the title to the property, effectively relinquishing their equity or ownership in the home. The execution of a quitclaim deed is typically a requirement of a divorce settlement in order to complete the division of assets.
The good news is that, though it may not be an attractive option to many buyers, you can still sell the property normally. The title will still have been transferred to you. The quitclaim deed affects ownership and the name on the deed, but it does not affect the name on the mortgage.
A Quitclaim Deed must be notarized by a notary public or attorney in order to be valid.Consideration in a Quitclaim Deed is what the Grantee will pay to the Grantor for the interest in the property.
The quitclaim deed only transfers the type of title you own. Deed transfers of any kind impact only the ownership and do not change or affect any mortgage on the property.
Usually, taking off names from the deed must be agreed upon by the parties/owners involved. If in case that you don't have a consent from the person whose name is to be removed, it could be a more complex situation. You'd need to get a legal advice on this and consult a lawyer.
You can actually draw up a quitclaim deed on your own without a lawyer, though you should visit a notary public and get the form notarized. As with the creation of other legal documents, like a last will and testament, you may be able to find a quitclaim deed form online that you can easily fill out.
Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.
A quitclaim deed is a poor way to give legal ownership of a property back to a previous owner -- or to transfer it to anyone except those close to you -- because there is no guarantee that your ownership interest is valid and uncontested. The other party likely will insist on a grant deed or a warranty deed.
Using a quitclaim bill of sale can have benefits for both seller and buyer. A seller is able to sell the property without having to ensure the title is clear. They sell it without guarantees, so if, for example, there is a lien against the property, that lien passes with the property to the buyer.
A quitclaim deed is often used if the grantor is not sure of the status of the title (whether it contains any defects) or if the grantor wants no liability under the title covenants.