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A Quitclaim Deed is a legal form to transfer ownership of the property from the grantor to the grantee. It is usually used for family needs, e.g., in marriages when someone would like to add a spouse to the title or in divorces when someone would like to exclude a spouse from the title.
When to Use a Quitclaim Deed?
There are two deeds to transfer ownership of real property in the USA:
- A warranty for real estate transactions;
- A Quitclaim for when real estate is not bought or sold.
The form is employed in two cases:
- When a family member is gifting property to a relative;
- When the insurance company is aware of other potential owners and asks them to sign the template to prevent a future claim of ownership.
It’s worth saying that the legal document covers the holding issues, not the mortgage. In the case of a mortgage, both family members share specific responsibilities.
How Does a Quitclaim Deed Work in California?
Each state has its requirements for the document. However, in California, the procedure is relatively simple and not time-consuming. First, you need to complete the blank and get it notarized. Next, submit the document to the County Recorder’s Office. The cost of filing the template in Los Angeles is $15 - basic price + $87 - additional fees.