![]() In the 1600s, the “livery of seisin” ceremony was abolished. The act signifies that the property owner intends to transfer the property to the buyer. In the Middle Ages, the ownership of real property was transferred through a ceremony called the “livery of seisin.” In this ceremony, the property owner hands over a symbolic piece of the conveyed land, such as a lump of dirt or a twig, to the person acquiring the property. The county registry office can provide the legal land description of your property. In addition to both parties’ addresses, the quitclaim deed must also indicate the legal land description of the transferred property. You can specify in the quitclaim deed that the property transfer is for no consideration, or you can provide a minimal amount of monetary value, such as values under $100, to be exempted from state and county transfer taxes. Using quitclaim deeds to transfer property usually costs little or no money. In Michigan, a quitclaim deed must include the statement of consideration. Some states require you to specify the consideration within the deed, while others do not. ConsiderationĪ consideration is the price of the property that a grantee provides to acquire the property interest from the grantor. A grantee, on the other hand, is the party who receives the property interest from the grantor during the property transfer. A grantor is a party that transfers the ownership interest of a property to another party. In Michigan, a quitclaim deed includes the following elements: Names of PartiesĪ quitclaim deed must contain the names of the grantor and the grantee. ![]() transferring property to living trusts.Ī quitclaim deed is a legal document that records property transfer from a grantor to a grantee.transferring property under a court order and.gifting of property to a charity or a friend.Other situations that utilize quitclaim deeds include: No subsidiaries will sue its parent company for any issues regarding the property and vice versa. A quitclaim deed can be used to transfer property between the parent company and its subsidiaries. For example, you can convey the ownership interest of your home to your ex-spouse following a divorce using a quitclaim deed. Spouses can use a quitclaim deed to transfer property ownership to each other. As the property owner, you can quickly transfer the ownership of your property to your children, spouse, or any close relatives. Usually, property transfer using quitclaim deeds does not involve any significant money transactions. A quitclaim deed is a convenient way of transferring a property to a family member. ![]() A quitclaim deed is commonly used to transfer property ownership between: Quitclaim deeds are frequently used in transactions between parties who are familiar with each other and trust one another. Regardless of the risks to the grantee or buyer, quitclaim deeds are allowed in Michigan since they can be utilized in instances where no warranty is required. Having no guarantee means the grantor is not liable for any problems or claims that may arise after the transfer. Unlike covenant or warranty deeds, quitclaim deeds do not ensure a clear title. Where Do You File a Quitclaim Deed in Michigan? Which Government Agency?Ī quitclaim deed is a document that transfers ownership of a property from a grantor to a grantee.This article also includes an example Michigan quitclaim deed that you can use as a guide. In this article, you’ll learn what a quitclaim deed is and what it is used for. Each type of deed provides the grantee or buyer with a certain level of protection from title defects and other claims. Warranty, covenant, and quitclaim deeds are among the types of deeds used in Michigan for property transfer. Deeds are legal documents that are used to transfer real property ownership.
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