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Quitclaim Deed from Husband and Wife to Corporation - Rhode Island

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This document is a Quitclaim Deed executed by a husband and wife (the Grantors) transferring property ownership to a corporation (the Grantee) for a nominal consideration of ten dollars. It includes details about the property, legal compliance with state laws, and certification regarding smoke detector requirements. The document also contains sections for notarization and contact information for both Grantors and Grantees.

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What are the problems with a quit claim deed?

Since a quitclaim deed doesnt guarantee clear ownership, you might unknowingly transfer property with liens or other claims against it. This can lead to estate planning problems, especially if the grantor doesnt fully own the property or other family members dispute the transfer.

What is the usual reason for using a quitclaim deed?

A will transfers property that you owned at your death. A quitclaim deed transfers property during your life. If youve transferred property by quitclaim deed during life, it isnt owned at death and thus cant pass by will.

What are the disadvantages of quitclaim?

What are the Disadvantages of a Quit Claim Deed? No Protections For The Transaction: Unlike warranty deeds, a quitclaim deeds does not offer protections for the new property owner. There is no way to guarantee that the property is owned free and clear, and that there are no easements or restrictions.

Why would a spouse do a quit claim deed?

2. Used to Remove One Spouse from Title: During a divorce, if the property is owned jointly, the quitclaim deed can be used to remove one spouses name from the deed. This ensures that the spouse who is not retaining the property has no legal claim to it after the divorce.

How to do a quitclaim deed in Rhode Island?

Laws 34-11-1.1, the grantor must sign the document before a notary public. Recording Requirements: Per RI Gen. Laws 34-11-1, the grantor should record and file the property transfer in the same town or city where the property is situated. They can complete this task by visiting the relevant Recorder of Deeds.

What are quitclaim deeds most often for?

A quitclaim deed is best suited for the following situations. Transferring Property Between Family Members. Adding A Spouses Name To A Deed. Transferring Property Between Spouses During A Divorce. Removing A Name From Your Mortgage And Deed. Transferring Property Interest To A Business Partner. Fixing Title Errors.

Who benefits the most from a quitclaim deed?

The quitclaim deed simply transfers any interest they may have to the other party. Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.

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