State Bar of Wisconsin Form 3-2003 QUIT CLAIM DEED Document Number THIS DEED made between Grantor whether one or more and Grantor quit claims to Grantee the following described real estate together with the rents profits fixtures and other appurtenant interests in County State of Wisconsin Property if more space is needed please attach addendum Recording Area Name and Return Address Parcel Identification Number PIN This homestead property. NOTE THIS IS A STANDARD FORM. ANY MODIFICATIONS TO...
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This is Dave pelegrin le from today answering questions about the quitclaim deed a lot of customers have inquiries about what a quitclaim deed is and how it affects their property title or have questions about should they use a quitclaim deed to accomplish a certain goal first understand the difference between the quitclaim deed and a regular property transfer deed most properties are transferred on a deed called a warranty deed and a warranty deed transfers of property with the seller or grantor transferring the property with a warranty that they have ownership of the property to transfer to the other party on a quitclaim deed however the seller or grantor does not necessarily have to own the property they're transferring now that might seem confusing if you don't own the property how do you transfer it well a quitclaim deed is transferring just whatever interest the grantor happens to own on the property if they have a 10% interest that's what gets transferred if they own just a small claim on the property that's what gets transferred here's a good way to understand it I could sign over a quitclaim deed to you for let's say the Empire State Building now since I don't own any of the Empire State Building guess what that quitclaim deed would actually transfer it to you nothing however I could not execute a warranty deed to you for the Empire State Building because I don't own the Empire State Building it could not warranty that I was transferring property to you something else that's important to understand is the phrases quit claim qu I T not quick claim deed there are some individuals who look to use a quit claim deed to accomplish some goal like getting a property out of their name quickly or getting an asset out of their name quickly or it could it's possible that they want to avoid being identified or being found as part of property and that's where the word quick comes into the the misunderstanding of what the phrase is because they're quickly trying to do something usually something that's a little bit sneaky as an investor you should always look carefully at quitclaim deeds if you see them on a property that you're taking interest in first question ask why was it used there's a few common legitimate reasons to use a quitclaim deed sometimes there's an error in the vesting on a property or the an error in the spelling of a name and the parties will use a quitclaim deed to clarify the ownership and transfer it to the right name by the same token there's a high percentage of errors on quitclaim deeds they're usually done or more often done without professional assistance it's frequently a do-it-yourself type process somebody finds a form at Office Depot fills out a quitclaim deed in signs of property over also be aware that a quitclaim deed does not affect any liens or mortgages on the property they're still in place it just strips out any interest or ownership that that prior owner the grantor had if you see a property that...