This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Quitclaim Deed, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s). USAF control no. GA-A2002
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Hi this is Lee Phillips I want to talk to you for two seconds about a concept called a quit claim deed You quit claiming your interest in the property, so it's called a quit claim deed Quit claim deeds are often used when you're transferring property in and out of a living revocable trust, and it works just fine because the living revocable trust is considered to be you are transferring your interest to you Now I have to talk about quit claim deeds for two seconds The quit claim deed only says that you quit claiming any interest that you have on the property I can give you a valid quit claim deed for my interests in the White House Perfectly valid deed I don't have much interest in the White House, so the deed isn't worth a lot, but you can give the quit claim deed to whatever interest you have in the piece of property Now if you're transferring assets to a company like an LLC that you've set up or corporation that you've set up you're not going to use a quit claim deed you're going to use a warranty deed because you want any warranties like the title insurance and stuff to go with the deed that you're removing over to your LLC or your corporation But the trust is different It's you still have the warranties you still have all the stuff so when you do a quit claim deed to a trust you're not losing any of the warranties and things that you would normally want to make sure that you'd send along with the property The quit claim deed has a couple of elements like six or so that you need One it needs to identify you Now you are you're the guy who owns the property if you're the seller or if you're the guy who's transferring it into the trust your trust So it identifies the guy who owns the property now It has to identify the guy who is to get the property If it's your living revocable trust remember that it is name of trust date of trust and the trustee those three elements have to be there And I saw a deed the other day thatdidnt have those three elements, and we've gone over those elements before, so it has your name now that would be husband and wife if you own the property as joint tenants, and you're putting it into the living revocable trust, so you'd both have to be identified If you're in a community property state and even if hubby or sweeties name isn't on the deed I'm still going to want their name to be there as a granter the guy who gives up the property So I want both names in a community property state independent of who owns it And normally you're in a joint tenancy situation or something so were going to have both of the spouses anyway We have to identify the property What are we sending over Now that could be a legal description Lot 6 Plat A know somebody's subdivision blah blah blah, or it could be what we call a metes and bounds description 38 feet north of the centerline of blah blah blah blah blah You've seen those So I've got to describe the property Then we have to have a date We have to have a signature of the guy who's...
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