-Quitclaim deeds are easy to prepare and can be readily filled without much intervention by an attorney. However, these deeds have certain drawbacks, and they do not guarantee that the owner holds any interest in the estate. This makes them unacceptable for regular real estate transactions.
In Oklahoma and the rest of the US, the quitclaim deeds are more commonly used to release or quit ownership rights & interests in gifted property contexts to loved ones, during divorces, and inheritance of property. The use of the Oklahoma quitclaim deed has been on the rise and is the most popular due to its high efficiency.
It can be defined as a legal instrument used for conveying property interests from a grantor (transferor) to the grantee (recipient).
Uses of the quitclaim
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To transfer rights to a trust
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Adding/removing co-owner to the property title
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Clearing title clouds
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To transfer real property to children, siblings, or other close relatives
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Effecting name change on a title deed
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Requirements for the use of quitclaim deed form in Oklahoma:
For the transfer of rights in a property, one must meet the statutory requirements for a quitclaim deed highlighted in Section 41 of statutes in Oklahoma:
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The deed must bear a full legal name, mailing address and marital status of the grantor and the grantee.
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It must highlight the details of the consideration paid.
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The quitclaim must bear a full legal description of that parcel for the conveyance of realty. This must include every information required for title deed’s indexing, e.g., addition, the section, township & range, block/lot, etc. Also, the information must be verified through the county clerk’s office for the property’s description.
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The recitation of deed’s prior references must be included to preserve the property’s chain of title.
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Any restrictions affecting the estate must be listed.
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The document must meet all the local and state standards set for all recorded instruments to record and validate the deed.
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The grantor must sign the written deed in the presence of notary public who will acknowledge the signatures on the deed. The recording must occur in the county where the property is located, at the clerk’s office.
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For deed exempted from the Documentary Stamp Tax, the grantor must cite the claimed exemption on the face of the deed.
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Benefits of Quick Deed Property Transfer:
(i) Simplicity of the process: Quick claim property transfer is one of the most straightforward processes requiring minimal paperwork for meagre expenses. There are many online legal platforms, where you can obtain quit claim deed form Oklahoma.
(ii) Tax advantages: There are various tax advantages associated with quick claim transfers of property. Since there is no money involved in passing property rights from the owner to the heir, a quitclaim is not considered an income and is therefore exempted from the income tax. However, some quitclaim transfers can be badged under gift tax exempted to a limit of $1 million in a lifetime or 13,000$ per year before tax laws apply.
(iii) Property dues do not get transferred with quit claim: This is a great advantage, especially when the property is still under the mortgage or other such obligations. The estate recipient is merely entitled to usage of the premises but is not liable to pay current dues and liens associated with the same. With the quick claim, clearing dues on the transferred property remains a responsibility for the previous owners.
(iv) Skipping lengthy and tiring property transfer procedures through probate is also one of the common reasons why a quitclaim deed is preferred over property transfer.
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