An Oklahoma quit claim deed serves as a document that a property owner in Oklahoma can use to transfer any interest in that property to another individual. With a quit claim deed, the seller doesn’t necessarily have to assure the nature or extent of their interest in the property beyond their own assertions and any proof of ownership they choose to present.
Given the nature of quit claim deeds, they are utilized under specific circumstances and require a significant degree of due diligence from the buyer, also known as the grantee, before committing to the transaction.
As with all types of deeds, a quit claim deed must be officially acknowledged by a notary in Oklahoma and recorded with the registrar of deeds in the county where the property is situated in Oklahoma.
Here is a step-by-step guide to help you fill out each blank space in the Oklahoma quitclaim deed form:
This section should be filled out by the individual preparing the document. The name, address, state, and zip code should be filled in.
This section should contain the information of the individual who will receive the deed after it has been recorded. The name, address, state, and zip code should be filled in.
Fill in the name of the county in Oklahoma where the property is located.
This is the consideration, or the amount of money, paid for the property. Enter this amount in words first, then in numbers within the parentheses.
This section provides details about the person or entity transferring the property.
Before “a _________________, residing at”, enter the name of the grantor.
Fill in the grantor’s residence information – County, City, and State.
This section should be filled out in the same way as the grantor section, but with the information of the person or entity receiving the property.
Here, provide a full legal description of the property being transferred. This typically includes more than just its address, such as the lot number, subdivision name, and other detailed information found in the county’s property records.
Grantor’s Signature, Name, Address, City, State, & Zip:
The grantor(s) must sign, print their names, and provide their current address.
A notary public completes this section. They will insert the names of the grantor(s) in the blank space following “that”.
They also fill out the date, add their name and stamp the document with their official seal. The notary also includes the date when their commission expires.
Remember, a quitclaim deed carries certain risks for the grantee due to the lack of guarantees about the property’s title. As a grantee, ensure that you fully understand these risks and carry out all necessary due diligence before proceeding with the transaction.
Consider seeking the help of a real estate attorney if you have any concerns.
The first cost involved in this process is the filing fee. Once the quit claim deed has been signed and notarized, it must be recorded with the local County Clerk’s Office. This process requires a filing fee which can vary depending on the county.
The purpose of this recording process is to make the transfer of ownership a matter of public record.
Legal Description Fee
In many cases, the legal description of the property is not readily available and must be obtained from a county office or a title company. This information is absolutely necessary to complete the quit claim deed.
If there’s a fee for obtaining this legal description, it would be an additional cost to consider.
The quit claim deed must be notarized, which involves having a licensed notary public verify the identities of the parties, ensure they understand the document, and watch them sign it.
The notary will then seal the document with their official seal. Notaries generally charge a small fee for their services, which is another cost to consider.
Because of the nature of quit claim deeds, it’s highly recommended that parties, particularly the grantee, seek legal advice before proceeding.
An attorney can help ensure that the grantee fully understands the implications of accepting the quit claim deed, the potential title issues, and the lack of recourse if problems arise later.
The cost for legal advice can vary widely based on the attorney’s rates and the complexity of the situation.
In some cases, the grantee may want to purchase title insurance. Title insurance protects the grantee (and their lender, if they have one) from title issues that may arise after the transaction. If the grantee decides to purchase title insurance, this would be an additional cost.
There may be other miscellaneous costs to consider. For example, if the property has any liens or judgments against it, those would typically need to be paid off before the deed can be transferred.
Similarly, if the property is part of a homeowner’s association, there may be fees associated with transferring ownership.
Please note that the costs can vary significantly based on the specific details of the transaction and the location of the property. The parties involved should conduct their own research or seek professional advice to fully understand all of the potential costs involved.