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No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
A deed of gift must be signed by all parties, docHubd by a Virginia notary, and witnessed by two or more parties who have no ownership interest in the property. The deed must be submitted to the recorders office in the county of Virginia where the property exists.
In Virginia, the transfer tax is 0.1 percent, or $0.50 for every $500 of the purchase price. For a purchase price of $500,000, the transfer tax is $500. A buyer is responsible for mortgage tax. If he obtained a mortgage, he must pay 0.25 percent or $0.25 per $100 in Virginia.
A Virginia quitclaim deed form (sometimes called a quick claim deed or quit claim deed) transfers Virginia real estate from the current owner (grantor) to the new owner (grantee) without a warranty of title. The grantee acquires only the interest that the grantor had.
A Virginia quitclaim deed form (sometimes called a quick claim deed or quit claim deed) transfers Virginia real estate from the current owner (grantor) to the new owner (grantee) without a warranty of title. The grantee acquires only the interest that the grantor had.
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Updated November 9, 2020 | Legally reviewed by Susan Chai, Esq. A Virginia (VA) quitclaim deed is a legal document that gives a property owner the ability to transfer rights and ownership to their property to another party.
Signing (VA Code Ann. 55.1-600) The grantor(s) have the choice of authorizing the form in front of two (2) witnesses or a notary public.
All parties just need to sign the transfer deed (TR1 form) and file it with the land registry. This needs to be accompanied by the land registrys AP1 form, and if the value of the transaction amounts to more than 40,000, then a stamp duty land tax certificate may also be required.
No guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties. For this reason, it is a poor legal instrument to use when selling a piece of property for cash considerations.
Updated November 9, 2020 | Legally reviewed by Susan Chai, Esq. A Virginia (VA) quitclaim deed is a legal document that gives a property owner the ability to transfer rights and ownership to their property to another party.

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