The Colorado quitclaim deed is a document the grantor uses to transfer their property to the grantee.
Unlike other types of deeds, the quitclaim deed doesn’t provide any warranty for the title of the property.
This means that when the grantor signs the quitclaim deed, they just transfer the interest they have and provide that they won’t have any future claims against the transferred property without guaranteeing that the title is clear or free of any liens or encumbrances.
The advantage of the quitclaim deed is that it is the fastest way to transfer the property compared to other types of deeds. Therefore, the quitclaim deed should be used for transfers between family members and trustworthy parties.
Quitclaim Deed Important Laws & Requirements in Colorado
Laws & Requirements
Statutory form: § 38-30-113(1)(d)
Signing: The grantor must sign the Colorado quitclaim deed before the notary public. (§ 38-35-103)
Language: The word “convey” cannot be used in the quitclaim deed.
Recording: The Colorado quitclaim form should be submitted and registered with the County Clerk’s Office according to the location of the property.
Recording fee: $10 for the first page and $5 for every additional page.
When to Use a Quitclaim Deed in Colorado
Considering the lack of warranties on one side and the simplicity of the transfer on the other, the quitclaim deed is best used in the following situations.
#1. Title Modifications
Due to its simple form, the quitclaim deed is often used to change the information in the property title. This can be due to an error in the title or updating the information.
#2. Property Transfer
The parties often use the general quitclaim form to transfer the property when there is no need for warranties. This is often the case when two trustworthy parties are making the transfer or when transfers are between family members.
#3. Living Trust Transfer
The grantor can use the general quitclaim form to transfer the property from their assets to their living trust. The quitclaim deed is perfect for these kinds of transfers since the nature of the transfer doesn’t require any warranties.
How to Create a Quitclaim Deed in Colorado
#1. Fill Out The Form
Insert the details about the grantor and the grantee (names, mailing addresses, ID numbers, and marital status). If some of the parties are legal persons, include their registered names, mailing addresses, status, and registration numbers.
#2. Add the “Note Consideration”
The note consideration provides information on the value that the grantee owes to the grantor for transferring the property. The transaction can be done with or without consideration (as a gift).
The consideration can be anything of value, like a transfer of money, a discharge of debt, a certain service, etc. In many transactions, the parties set the consideration as a nominal value, while the real value that is exchanged remains private.
#3. Write the Legal Description
The legal description provides information about the property that helps the parties individualize it. For real estate transactions, the legal description usually contains the lot and block number of the property.
The grantor should refer to the property title or the previous deed to find the exact legal description of the property.
#4. Sign & Get it Notarized
After completing the deed, the grantor should sign it in front of the notary public.
#5. File the Quitclaim Deed
The quitclaim deed should be filed for recording at the appropriate governmental body.
Where to File a Quitclaim Deed in Colorado
In Colorado, every quitclaim deed must be filed with the local County Clerk’s Office according to the location of the property.