What is an Iowa Quitclaim Deed?
An Iowa (IA) quitclaim deed (sometimes mistakenly referred to as “quit claim deed,” “quit claims deed,” and “quick claim deed”) is used to legally transfer one person’s or entity’s (grantor) interest in real property to another (grantee).
For example, a seller of commercial or residential real property conveys all interest owned by the seller to the buyer by executing a quitclaim deed.
While a warranty deed guarantees that the grantor owns all right and title to real property, free and clear, a quitclaim deed does not. It gives a grantee or buyer whatever ownership rights and title the grantor seller has, which may not be the total interest. Real estate buyers should run thorough title searches before purchasing.
Important Laws & Requirements
- Transfer tax: The county assesses a transfer tax calculated on the consideration valued at $500 or more. For each increment of $500.00, the tax is $.080 after the first $500, which is exempt. If no taxes are due because the transfer is exempt, the document should state that.
- Signing: (§ 558.31) A quit claim deed must be signed by the grantor or grantors in front of a notary public.
- Recording: To be valid against third parties, the Iowa quitclaim deed, like all deeds, must be recorded at the Office of the County Recorder where the real estate is located.
- Additional Documents: All documents that convey real estate, including the quitclaim deed, must be accompanied by tax form 57-006 (form instructions), unless exempt, and a Groundwater Hazard Statement (and Attachment #1, when necessary) when filing with the County Recorder.
How to Write & File a Quitclaim Deed in Iowa
Step 1: First, download the Iowa quitclaim deed, and fill in the required information as follows.
Step 2: In the top left corner of the document, fill in the document preparer’s name and address next to the designated lines for “address,” “state,” and “zip code.”
Step 3: The mailing address of the person to receive the recorded document from the County Recorder’s office must be filled in next to “After recording Return To” section as prompted.
Step 4: Designate the county of the real property location, the name and address of the grantor, the consideration or value in dollars to be paid to the grantor(s) by the grantee, and the street address and legal description of the property to be transferred, using a separate attachment if the legal description is too long to fit into the allotted space and referring to the attachment in the space for the legal description.
Step 5: Print the names and addresses of the grantor(s) below the signature lines at the bottom of the deed.
Step 6: The document must be notarized before sending it off to the Iowa County Recorder’s office where the property is located, verifying with that County Recorder the requirements to record the deed in that county, including any fees that must be paid. Remember to attach the tax form and the Groundwater Hazard Statement.