Ensuring Online Signature Legality for Quitclaim Deed in Canada

How to eSign a document: online signature legality for Quitclaim Deed in Canada

is the business guy so what does a quit claim need if you want to transfer ownership of property quickly and easily a quit claim deed may be the proper way to do it however it is only suggested in certain situations so we'll talk about what it is how it compares to other deeds to transfer property when to use it and how to fill it out and if you appreciate this information please help me out by clicking the like button below so youtube promotes this video many thanks and if you haven't already join our community by clicking the subscribe button below so that when more videos come out like this you'll be up to date right away a quit claim deed is a legal document that transfers any interest that a grantor has in the title of real estate to a grantee now in layman's terms the grantor is the one who is transferring the property the grantee is the new recipient now a quitclaim deed does not guarantee that one has an interest in the property so it's kind of like saying i'm not saying that i have an interest in the property but whatever interest i do have i give to the grantee now if a grantor or current owner does have clear title of the property free of title defects then a quit claim deed will typically transfer the property however if the grantor lacks clear title of the property then the quit claim deed may not effectively transfer the property as a general guideline you cannot convey more than you legally possess that is if you try to grant the full legal title to a piece of real estate to which you do not have clear title that quit claim deed will not legally transfer the property the most common use of quitclaim deeds is in divorce cases so one spouse or former spouse transfers whatever interest he or she has in his or her former personal residence to the other party people also use them to transfer property to family members to an llc or to a living trust now what if the recipient is not a family member or closely related person or entity then in that case the most common deed is the warranty deed or grant deed now we often see people refer to the quit claim deed as they quit space claim deed or a quick claim d the one word version quit claim is the generally accepted standard now we use this term because the grantor uses the document to quit his or her or their in the case of a legal entity claim to the property in fact one lady who used to quit claim deed in a divorce found a new husband she said he's the top salesman with his company look at the diamond ring he sold me quit claim deed recap a quit claim deed conveys whatever interest one has in a property from one to another the quit claim beat only conveys that which the grantor has if the grantor does not have legal title to the property the transfer will not convey more than the grantor possesses unlike a warranty deed the quit claim deed does not provide a promise assurance or statement that the grantor is transferring clear title to the property let's talk about the quit claim deed compared to the warranty now both deeds a quit claim deed and a warranty deed transfers interest and property from one party to another however the quit claim deed does not offer written guarantees that the grantor truly holds valid title to the property in question therefore as we stated the quit claim beat is usually used to transfer the title of property to family members or after a divorce decree to transfer to a former family member it is also used to transfer title to an llc or trust in which the grantor or former owners has an interest if one transfers property to an unrelated party professionals rarely use quitclaim deeds in other words the warranty deed offers more legal protection to the property recipient than does the quitclaim deal that is because the warranty deed offers assurances that the party transferring the property has the legal right to do so a warrant indeed promises that the one who transfers the property has legal title to the property and has the right to sell it included in the warranty deed are legal protections for the buyer this includes reimbursement if the property has undisclosed title effects so this type of deed gives assurances that there will not be any pre-existing mortgages or tax or creditor liens on the property upon transfer you can also call or complete a free consultation form on our website how to file a quit claim date so how do you file a quit claim deed to record or file a quit claim d you first need to complete the document properly you typically enter the name and address of the grantor again the grantor is the one transferring the property you also enter the name and address of the grantee the grantee again is the new property recipient in some states you also may need to indicate if the property is the homestead or personal residence of the grantor in many states if you are the one transferring the property your spouse also may need to sign the d this is the case even if your spouse is not on the title to the property in other words if you're married in many states as the old saying goes it takes one to buy and two to sell so the grantor and the grantor spouse if applicable sign the quitclaim deed and you do this and have your signature notarized by a licensed notary public finally you will need to record the quit claim deed in the county recorder's office in the county where the property is located some jurisdictions call this office the recorder of deeds deeds registry clerk of courts recorder's office deeds office county comptroller's office or land registry office you will typically pay a fee to the recorder's office to file the document and this fee varies by jurisdiction common variances and fees may depend upon if the grantee is or is not a related party if the property has a mortgage on it the fee may be higher in some counties the typical procedure is that you record the document and the recorder mails you the original alternatively in many cases you can or must record the document electronically instead of recording a physical copy now it is essential that you draft the quitclaim deed in the proper format the recorder may accept the document for filing even if you wrongly complete the document so the recorder accepting and recording the document does not validate its authenticity so what goes on the quit claim deed now very state to state in county county after all there are 3009 counties in the u.s but here are some typical requirements for a quitclaim deed number one the grantors name and address the one transferring the property the grantees name and address the one receiving the property the grantor signature the grantee signature is not required the signature of two witnesses plus the signature and appropriate seal of a notary public or other officer authorized to take acknowledgement or prove the identity of the grantor the person's name and address who prepared the document quit claim b preparation now some organizations sell quit claim deed forms you fill out the form on paper or you fill it online and print the document these services often offer the document at cost lower than hiring a professional are you 100 sure that you know how to complete the form properly if you are then these services might work for you however keep in mind this document is for you to transfer an asset that may be quite valuable if the document is not properly completed or filed the legal consequences and costs for errors could be astronomical so that's why many people choose to consult an attorney or hire the attorney to complete the deed divorce and quit claim deeds as we discussed quit claim deeds are often used in divorce settlements that is a former spouse transfers the property to the other former spouse thus the quit claim deed conveys all interest the ex-spouse had in the property to the other ex-spouse therefore the act fulfills the judge's terms of the divorce settlement again the spouse that is transferring the property signs the deed the recipient spouse does not sign typically the fee to record a quick claim deed in divorce settlements are less than the fees for transferring to a non-associated third party what if the property has a mortgage what if there is a mortgage recorded against the property can you still use the quick claim deed yes you still can transfer a mortgage property using the quit claim deed however the mortgage is still attached to the property that is unless the lender agrees otherwise in writing the one who transferred the property still bears the responsibility to pay the mortgage if the mortgage has a due on sale clause like most mortgages do the lender could order the immediate payoff of the entire mortgage in our experience though we rarely see the lender force the payoff of the mortgage and that is especially the case when the grantee makes the payments on time if needed the grantee can refinance or get a new loan and pay off the existing mortgage what about using a quit claim to eat after death can you use a quit claim deed for a person after he or she is deceased and the answer is no if the title to a property is in a person's name and that person dies the transfer generally acquires a court order if prior to death the title holder transferred the property to an instrument such as a living trust the terms of the trust dictate the interest in the property suppose prior to death the title holder legally executed a quit claim deed that was not yet recorded the deed is typically valid someone does however need to record the deed there is another option in some states that we will mention here such as florida and we call this a lady bird deed a lady bird deed holds the property in the name of the grantor during his or her lifetime then upon death the title transfers to the designated grantees lady bird deeds are currently only valid in five states florida michigan texas vermont and west virginia how much does the quit claim need cost if you prepare the need yourself you need to cover the recording fees if you have an attorney prepare it for you the cost typically is in the hundreds of dollars if you're not experienced in the preparation of quit claim deeds hiring an attorney is certainly something to consider the cost of making a mistake could be in the thousands tens of thousands or even hundreds of thousands of dollars in litigation expenses so if you're not completely confident hire an attorney to draft the deed on your behalf quit cleanbid faqs how to quit clean beads work but quit claim deed conveys or transfers any interest one might have in a property from a grantor the transfer or to the grantee the recipient it does not warrant that the grantor has a legal interest in the property unless the grantor holds valid title to the property the grantee may wind up with nothing of value first one properly completes the quit claim deed then the grantor or grantors execute that is sign the quit claim the signature or signatures are notarized and or witness then someone publicly records the deed in the recorder's office of the jurisdiction where the property is located when do you use a quit claim deed people most often use quit claim deeds to transfer real estate to family members as we said as part of a divorce decree or to convey title to one's own trust or llc what are the downsides or disadvantages of quitclaim deeds a disadvantage of the quit claim deed as we stated is that it does not give warranties to the buyer or property recipient that the grantor actually has clear title to the property perhaps the grantee does not have an interest in the property at all that is why an unrelated third party buyer should not allow the seller to transfer the property using a quit claim deed does it quit clean beat transfer ownership equip claim beat only transfers the real estate ownership if the person who executed the document actually has valid ownership of the property that is the value that the quit claim deed transfers is limited to the value the transferee had before executing the document if there are title defaults the recipient will inherit those same defaults when you sell your house can you use a quit claim deed yes you can but the title insurance company will rarely ensure such a transfer that is why it is rarely used when a title company is involved so if you didn't before i hope you understand how to use a quick claim deed what they're used for and how they work please click like subscribe and share this video with others see you next time this is the business guy [Music] [Applause] you