How to Use the Quitclaim Deed in South Carolina
A quitclaim deed, also called a non-warranty deed, a quitclaim deed form or a quitclaim is a legal instrument that is used in the conveyance of real property from one person (a grantor) to another (grantee), but without any warranties on the title. What this means is that when a grantor uses the quitclaim to quit all or some of their rights in property, they don’t give guarantees of the existence or non-existence of other claims to that property. This deed is, therefore, common with families and other parties that trust each other.
The quitclaim is also used often because of its efficiency, which is why some people mistakenly refer to the deed as a quick claim deed.
The Difference Between Titles and Deeds
A property title is the real estate tool that gives anyone the legal rights for controlling said property. For example, a home title is an instrument that documents property ownership while a property deed is an instrument that is used in the transfer of title from one person to another. So, when selling a home or quitting your rights in your home, you need a property deed to transfer or convey the ownership of the property.
In this article, the instrument we’ll focus on for property conveyance is the quitclaim deed. But first, you need to know that this deed differs from other real estate deeds like the warranty deeds used in the state. Unlike the warranty deeds, the quitclaim is the document that transfers the ownership rights in property, without giving any warranties. When in use, the grantor doesn’t guarantee the grantee that there are no claims on that property. It will only convey the property rights held by the grantor at the time of the deed’s execution. On the other hand, you have warranty deeds which not only transfer interests in property, but also assures the grantee that the transferred property if without liens or any other interests held by other parties.
With the absence of warranties on ownership and title in the quitclaim, it’s often used in the transfer of property between families and entities that know each other well. The warranty deeds are, on the other hand, common in residential home sales.
Legal Requirements for a Quitclaim’s validity
Using the quitclaim deed in South Carolina, you can transfer your rights in rental property or family home to your children and other close relatives. The deed also facilitates the transfer of property rights to a spouse or from an ex-spouse, and it could also be used for transfers to LLCs and Corporations, or in clearing clouds from a title. But before you put it to use, get your printable PDF template in the form of the free South Carolina quitclaim deed form. This form is state-specific, and it has all the sections to be filled out for the validity and execution of the deed.
But, before we look at the legal requirements of a valid quitclaim, which are main Property ownership styles?
Sole ownership – this ownership style gives exclusive ownership rights to the involved party.
Joint Tenancy – this is a form of residential property ownership where you have at least two tenants sharing an equal interest in a property. It is the most common arrangement between spouses who purchase property together. So, when the spouse passes away, their interests go to the other spouse. This happens because either spouse has a right of survivorship. This right of survivorship comes used with the quitclaim to transfer the property rights to the surviving spouse. Joint tenancy has, however, been abolished in some states.
Tenancy in common – this form of ownership comes to life when you have at least two people with interests in one piece of property. Unlike joint tenancies, a tenancy in common doesn’t give the parties involved equal rights to the property.
Tenancy by entirety – this is the other common vesting, and it applies to couples who own interests to a property, as one legal entity. One of the perks of tenancy by entirety is that if one spouse is in debt, they cannot make any claims against that property unless the spouse not in debt passes away.
What makes a valid quitclaim deed in South Carolina?
A quitclaim is only deemed valid if it has the signature of the grantor, as well as signatures of at least two credible and independent witnesses. The witnesses are also required to subscribe to the quitclaim.
The grantee’s details required include their full legal name and mailing address.
Unlike other states, the Deeds’ Registrar doesn’t need any form of derivation recites for you to process a quitclaim.
However, you must comply with the Uniform Recognition of Acknowledgement Act as described in the codes.
For conveyance of land, the quitclaim is only valid to bona fide purchasers who pay a valuable consideration and creditors without any notice. However, this is the case only if the deed’s recorded with the appropriate Register of Deed’s offices, where the property under conveyance is located.
For subsequent purchases, especially the ones done without any notice issued, the document that shows evidence of the conveyance or the lien has to be recorded for the holder of the document to make a claim posing as a successive purchaser or a creditor. Regarding ownership of such property, the priority goes to the party that records the deed first.
Are you planning to transfer your interests in real property in Myrtle Beach, Charleston, Columbia, Greenville or some other city in South Carolina? Get our free quitclaim deed form here to begin the process.
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