A Quitclaim Release (Non-real estate) is a term used, when a person/party (grantor), disclaims rights, interest and title in a property and transfer it to another party (grantee), without offering any warranty. Quick Claim release is applicable for transfers between the family members, gifts, when personal property is placed to be used in the business, to remove doubts on title, divorce and so on.
In the case of divorce, the Quitclaim release is most evident, where one party (husband) grants full right of the property to another person (wife), and draws up the Quitclaim Release Deed, releasing all claims to the property previously held by them both.
The person releasing the title is known as Grantor, whereas, the person receiving the title or the individual who is the recipient of transfer is known as Grantee. The release through Quit Claim Deed does not bound grantor or makes any guarantee, that the transferred property is free of any debt or liability. The grantor also does not have to specify that any other person holds any claim to the property thus transferred.
The whole transaction of transferring only stipulates the shifting of the title, hold by the grantor at the time of transfer. The deed also does not prove or show that the person transferring the title has any ownership title to the co-ownership property. The warranty thus provided varies with jurisdiction to jurisdiction.
These reasons make it necessary the person receiving the title should investigate thoroughly with the assistance of a lawyer, to find out in-depth details about the property and any state requirements regarding the transfer.
The grantor also should keep in mind that after releasing the title and signing of Quitclaim Release Deed, if he has second thoughts about keeping the property then release can not be reversed back, because, once the form is signed, it is final, as the status of title remains transferred, whether you have second thought or change of mind. After signing of the deed, you have already quit the claim to the property.
Below given Quickclaim Release (Non-real Estate) Form template will assist you in understanding the features of such claim release deeds:
Quickclaim Release (Non-Real Estate) Form
THE GRANTOR_______________________________________
of_____________________
City of________________________________
County of ________________________
State of_____________________________
for the consideration of________________
_________________________________
CONVEY__________ and Quick CLAIM______
to_______________________________
of ________________________
City of________________
County of______________________
State of_________________
all interest in the following described non-real estate in the County of_______
______, in the State of_____________________, to wit:
Dated this____ day of_______,20___.
Grantor’s Signature_________________________________
Type or Print Name___________________________________
Recipient Signature___________________________________
Type or Print Name__________________________________
___________________________________
______________________________________________________________________
STATE OF__________________________
COUNTY OF________________________
IN WITNESS WHEREOF, The said first party has signed and sealed these presents the day and year first above written. Signed, sealed and delivered in presence of:
Signature of Witness _________________________________
Signature of First Party, Grantor __________________________________
Print name of Witness _________________________________
Print name of First Party__________________________________
Signature of Witness _________________________________
Signature of First Party, Grantor __________________________________
Print name of Witness _________________________________
Print name of First Party __________________________________
STATE OF _________
COUNTY OF _________________
On ________________________
before me, ________________________________
Appeared ___________________________
personally known to me (or proved to me on the basis of satisfactory evidence) to be the
person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s)
acted, executed the instrument.
WITNESS my hand and official seal
___________________________________________
Signature of Notary Affiant _____Known_____ Produced ID
Type of ID _______________________
(Seal)
Signature of Preparer_______________________________
Print Name of Preparer________________________________
Address of Preparer________________________________