A quitclaim deed is a legal document used to transfer whatever interest a person (the grantor) has in a piece of property to another person (the grantee). It doesn’t guarantee that the grantor actually owns the property, just that they’re handing over whatever claim they think they have.
This article will give you a quick overview of how quitclaim deeds work in Oklahoma, when you might use one, and what their limitations are.
What is a quitclaim deed?
A quitclaim deed transfers whatever interest a grantor has in a property to a grantee. That interest could be full ownership, partial ownership, or even no ownership at all.
Unlike a warranty deed, a quitclaim deed makes no guarantees about the property’s title. The grantor isn’t claiming they own the property free and clear of any encumbrances.
Key terminology
- Grantor: The person transferring the ownership interest.
- Grantee: The person receiving the ownership interest.
- Property title: The legal right of ownership of the property.
How a quitclaim deed works in Oklahoma
Oklahoma quitclaim deeds have a few specific requirements. First, they need a granting clause. This section includes the words “do grant, bargain, sell, and convey” and “quitclaim.” It also needs to have the property’s legal description.
To be legally binding, you must properly sign the quitclaim deed, acknowledge it, and record it in the county where the property exists.
Oklahoma Statutes Title 16. Conveyances §16-41 shows the form you’ll need for a valid quitclaim deed.
Advantages and disadvantages of a quitclaim deed
Like any legal document, there are pros and cons to using a quitclaim deed.
Advantages
- Simple and quick. Quitclaim deeds are generally simpler, faster, and less expensive than other types of real estate deeds.
- Common in specific situations. Often, people use quitclaim deeds when they trust each other or when the person transferring the property can’t guarantee the title is free and clear. For example, they’re commonly used in family transfers or when conveying property to a trust.
Disadvantages
- No title guarantee. With a quitclaim deed, the person receiving the property gets the least protection. There’s no guarantee that the title is clear.
- Risk of encumbrances. The deed only transfers the interest the grantor has, which may not be much. The property could be subject to liens, back taxes, or other encumbrances.
Legal Implications and Risks
Because quitclaim deeds offer limited protection, it’s critical to get legal advice before using one. An attorney who knows Oklahoma real estate law can help you avoid problems.
It’s also a good idea to conduct a title search before you accept a quitclaim deed. A title search can reveal existing liens, claims, or other problems that could affect your ownership.
Conclusion
Quitclaim deeds in Oklahoma are handy in certain situations, but they come with risks. Before you use one, it’s always a good idea to get legal advice from an attorney familiar with Oklahoma real estate law.