Transferring ownership of property is now easier in Oklahoma. OK allows a quitclaim deed ceding property rights and interest to another individual. An Oklahoma quitclaim deed is an effective tool to avoid probate and is valuable in estate planning. Despite the easy-to-make process for the deed, you need some salient information to guide you. This article imparts the necessary knowledge you need on the Oklahoma quitclaim deed.
What Is Oklahoma (OK) Quitclaim Deed?
An Oklahoma quitclaim deed is a legal document that transfers the rights and interest of a real estate property from the grantor to the grantee without proof of ownership. The grantee is the receiver of the property, while the grantor is the giver of the property.
Note: Quitclaim deeds have limited uses, such as a spouse ceding real estate interest to the other. You would not solely use a quitclaim deed in typical real estate transactions.
Quitclaim deeds do not guarantee ownership but rather an interest in the property the grantor had. A grantor can issue a quitclaim deed for a partly-owned property that the county clerk already flagged.
When to Use a Quitclaim Deed
Quitclaim deeds transfer real estate interests to another person, especially a trusted associate or family member. Other instances you may use a quitclaim deed in Oklahoma are:
- When a spouse intends to transfer property.
- Moving an estate into a trust.
- If a property has co-owners, cede ownership claim from either party to the other.
- To transfer property from sole ownership to your LLC.
- Remove the name of your ex-spouse from property ownership after a divorce.
- Amend a defect on a property title.
Quitclaim deeds offer the minimal form of legal protection for all the deeds. The deed only stops the grantor from laying claim to the property later, but it does not exempt the property from existing loans, liens, or claims from other parties.
Important: A quitclaim deed does not transfer mortgage obligations. The grantor will still be held liable for the loan if they default regardless of transfer of ownership to the grantee through the quitclaim deed.
A warranty deed is a document to use that cedes ownership from the grantor and protects the grantee from claims any entity may impose on the property.
Important Laws and Requirements
- Laws §16-41 and §16-26 requirements of an Oklahoma quitclaim deed are in Oklahoma statutes, codes, and regulations from section 16. Each section has its specific law that includes:
- Recording: The state of Oklahoma acknowledges a Quitclaim Deed as legal when the register of deeds at the County Clerk’s office certifies and files it.
- Signing: The deed is only valid if the grantor signs in the presence of a notary public. Provisions for the notary public are well detailed in section chain 16-26.
- Filing cost: The filing fee varies from county to county in the OK State. You have to pay the fee at the county clerk’s office for recording purposes.
How to Write and File a Quitclaim Deed in Oklahoma
A quitclaim deed ranges from a simple note acknowledging renunciation of an interest in real estate from the grantor to a fully documented deed. Regardless of the structure of the deed, there are certain thresholds a reliable deed must meet. Oklahoma laws regulate the requirements and how to file a valid form. Here is a breakdown of the steps you’ll employ to prepare a legitimate quitclaim deed:
1) Get the form from an online template provider
Oklahoma county clerk’s office, or at your attorney’s. Generally, all templates have the same information, albeit different structures. The form already has the title quitclaim deed, which states the type of legal document you are using.
Tip: Use online templates to save yourself the hassle of creating a deed from scratch. However, print before you sign the form. Do not use the online signature tool to affix your signature on the deed.
2) Name the parties
List the grantor and the grantee(s) named on the deed. You are ceding half the interest if you name yourself as both the grantor and grantee alongside another grantee.
3) Write the consideration
Consideration is a term denoting the grantor’s monetary benefits for relinquishing their property interests to the grantee in a quitclaim deed. A phrase “consideration in the sum of” preceded the dollar amount you will write in parentheses.
If there is no monetary exchange, which is usually the case in a quitclaim deed, then indicate a nominal consideration of $1.00. Other states, such as California, do not require you to specify the consideration.
4) Provide a legal description of the property
Write the address of the property and parcel ID number. You can obtain the legal description of the property from past tax statements or the county clerk’s office.
Note: Parcel ID number is not a mandatory requirement. You can attach other forms to the quitclaim deed that provide a legal description of the property.
5) Sign the deed
The grantor will sign the deed in the presence of a notary public. Other states may also require witnesses to the deed and a grantee’s signature.
File the quitclaim deed at the County Clerk’s office in Oklahoma. You will need a filing fee that varies depending on the property’s location in Oklahoma.
Quitclaim deeds are permanent. Once notarized, you can’t revoke them unless a court warrants revocation after proving you didn’t sign the document of your own free will.
A quitclaim deed is a legal document In Oklahoma that transfers ownership. Signing and filing it at the County Clerk’s office means the deed can serve as evidence for future claims on the property.
The rates vary depending on the county in OK. Generally, filing the first page costs $18 and $2 for each additional page.
The statutes dictate that a grantor must sign the quitclaim deed in the presence of a notary public to make the deed legitimate.
- An Oklahoma quitclaim deed transfers rights and interests of a property from the grantor to the grantee without proof of ownership. The deed only caters to transfers between trusting individuals or entities.
- A warranty deed provides proof of ownership and exempts the grantee from any loans or claims to the property. The grantor is responsible for handling such matters.
- File a quitclaim deed at the County Clerk’s office in Oklahoma to legally transfer property ownership. Remember to carry filing fees.