Quitclaim Deed On Mortgaged Property
Quitclaim Deed On Mortgaged Property
I. Introduction
This document is a Quitclaim Deed on a mortgaged property, outlining the transfer of ownership from the Grantor to the Grantee. It details the parties involved, the property address, recitals including ownership background and consideration, the legal description of the property, the transfer process, warranty clauses, and signatures. Additionally, it includes a Notary Acknowledgement for legal validation.
II. Parties Involved
Grantor: [Your Name], hereinafter referred to as "Grantor", residing at [Your Address]
Grantee: [Grantee Name], hereinafter referred to as "Grantee", residing at [Grantee Address]
Property Address: [Property Address]
III. Recitals
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Ownership Background: The Grantor, [Your Name], asserts sole ownership interest in the property described below, acquired through [Methods of Acquisition, such as Purchase or Inheritance].
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Agreement to Transfer: The Grantor agrees to transfer any interests, both legal and equitable, in the property to the Grantee, without any warranty of title.
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Consideration: The Grantor, in consideration of the sum of [Amount of Consideration in Words and Numbers] dollars ($[Amount in Numbers]), receipt of which is hereby acknowledged, hereby transfer their interest in the property to the Grantee.
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Mortgage: The Grantor acknowledges the existence of a mortgage on the property held by [Name of Mortgage Lender], with an outstanding balance of [Amount]. The Grantor understands that transferring the property via quitclaim deed does not absolve them of mortgage obligations and that the Grantee assumes responsibility for the mortgage upon transfer.
IV. Legal Description of the Property
The legal description of the property is as follows:
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Lot Number: Lot 17A
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Subdivision Name (if applicable): Oakwood Estates
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Metes and Bounds Description: The boundary of Lot 17A in Oakwood Estates begins at the southwest corner (Plat Book 25, Page 10, County Recorder's Office), extends North 45°30' East for 150 feet, turns North 44°30' West for 200 feet, follows South 45°30' West for 150 feet, and concludes South 44°30' East for 200 feet to the start.
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Other relevant details: The property is situated in Township 22 North, Range 15 West, County of Jefferson, State of [State]. It encompasses approximately 0.69 acres and includes a single-family residence with an attached garage and backyard patio.
V. Transfer
The Grantor, for and in consideration of the sum specified above and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, does hereby remise, release, and forever quitclaim unto the Grantee, all the Grantor's right, title, interest, and claim in and to the property described above, together with all and singular the rights and appurtenances thereto in any way belonging.
VI. Warranty Clause
The Grantor warrants that they are lawfully seized of said property, have the right to convey it, and that the property is free from all encumbrances, except as noted herein. It is expressly understood and agreed that this deed is made and accepted without any warranty, express or implied, of title whatsoever.
VII. Signatures
[Your Name]
[Date]
[Grantee Name]
[Date]
Notary Acknowledgement
State of [State]
On this [Day] day of [Month], [Year], before me, the undersigned Notary Public, personally appeared [Your Name], known to me (or proved to me based on satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within the instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that by his/her/their signature(s) on the instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal:
[Notary Public Name]
[Notary Seal]
