The Mississippi quitclaim deed is a document used for property transfers. One person, called the grantor, signs the quitclaim deed and transfers the property to another person, called the grantee. In this way, the grantee becomes the new owner of the property.
Although it is a fast and simple way of transferring the property compared to the other types of deeds, the main flaw of this type of deed is that it doesn’t provide any warranties to the grantee or the purchaser of the property.
By signing the quitclaim deed, the grantor simply confirms that they are transferring all of their interests in the property to the grantee without providing any guarantees that there are no flaws with the property title.
Quitclaim Deed Important Laws & Requirements in Mississippi
Laws & Requirements
Statute: § 89-1-39
Signing requirements: The grantor should sign the quitclaim deed before the notary public. (§ 89-3-1(1))
Recording: The quitclaim deed should be filed with the Chancery Clerk’s Office for document registration.
Recording fee: $25 for the first five pages and $1 for each additional page. (§ 25-7-9)
When to Use a Quitclaim Deed in Mississippi
The special features of the Mississippi quitclaim deed make it an ideal solution for the following actions:
#1. Title Modifications
The grantor can use the quitclaim deed to make changes and modifications to the property title. The modifications can be made due to an error in the property title or if some of the information must be updated.
#2. Property Transfer
The quitclaim deed is most commonly used for property transfers. The grantor will sign the quitclaim deed to transfer all of their interests in the property to the grantee. However, the grantee won’t get any warranty that there are no other claims against the property.
Therefore, the grantee should always check the property title before purchasing the property, especially if the transfer is done with the quitclaim deed.
#3. Living Trust Transfer
Finally, the grantor can use the quitclaim deed to transfer their property to their living trust. This is one of the methods for transferring the property to the family members, besides creating the will.
Considering that there is no need for any warranties, the quitclaim deed is the perfect instrument for completing such an action.
How to Create a Quitclaim Deed in Mississippi
#1. Fill Out The Form
Provide the following information about the grantor and grantee:
First and last name
If the grantor or the grantee is a legal entity, provide their registered name, mailing address, registration number, telephone number, and form of entity.
#2. Add the “Note Consideration”
This section should provide information about the value of the property. The parties can arrange that the property be transferred with or without consideration (as a gift). The parties can also set the nominal value of the property in the consideration section, while the full value stays private.
#3. Write the Legal Description
The legal descriptions include information that will help the parties individualize the transferred property. It usually includes a lot number and a block number. The quitclaim deed must include a precise legal description of the property. The best way to get a precise legal description is to look at the property title or the previous deed.
#4. Sign & Get it Notarized
The document should be signed before the notary public.
#5. File the Quitclaim Deed
Parties should submit the document to the governmental body in charge of deed registration.
Where to File a Quitclaim Deed in Mississippi
In Mississippi, the parties should submit the quitclaim deed to the Chancery Clerk’s Office according to the location of the document.