An Oklahoma quitclaim deed simplifies property transfer by conveying the grantor’s interest without promising clear title. This deed is suitable for familiar parties, like family members, who have a mutual understanding.
Laws & Requirements
Statute Title 16, Chapter 1 of the Oklahoma Statutes: A quitclaim deed may use the following language substantially “do hereby quitclaim, grant, bargain, sell and convey.”
Signing Requirements § 16-4: The grantor’s signature, acknowledged before a notary or specific officials, suffices for a valid quitclaim deed. No grantee signature or witness is required.
Recording Requirements § 16-15: Recording a deed safeguards a grantee’s property rights from third parties. Deeds are recorded with the local County Clerk, requiring a fee.
Transfer Tax: Yes
How to File
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Step 1: Obtain the Property Deed
- If you own the property, ensure you have the deed; if not, request from the owner or the local county clerk’s office.
- The deed contains essential information needed for the quitclaim deed process.
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Step 2: Transcribe the Legal Property Description
- Oklahoma law requires a legal property description on the deed, which could be in the form of block and lot, township, section, and range, metes and bounds, or condominium unit designation.
- Include the property address for clarity.
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Step 3: Draft an Oklahoma Quitclaim Deed
- The quitclaim deed must be in plain English, written, typed, or printed in black ink on easily copied paper, and conform to specific size and font requirements.
- It should have space for the recorder’s stamp, at least a 1 in. margin at the top of the first page, and at least ½ in. margins on all other sides.
- Include the grantor’s name and marital status, the grantee’s full name and return address, legal real estate property description, warranty disclaimer, and vesting information.
- Use a template from LegalTemplates for correct formatting and content.
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Step 4: File the Quitclaim Deed
- File with the register of deeds at the county clerk’s office where the property is located.
- If the property spans more than one county, a certified copy of the original deed can be filed in other counties.
Costs and Fees
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Recording Fees
- Oklahoma establishes recording fees for official documents, including quitclaim deeds:
- $18.00 for the first page.
- $2.00 for each additional page.
- For documents not conforming to requirements, $25.00 for the first page and $10.00 for each additional page.
- Oklahoma establishes recording fees for official documents, including quitclaim deeds:
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Taxes
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Documentary Tax: Oklahoma imposes a documentary stamp tax on property transfers with consideration.
- Typically paid by the grantor.
- Exemptions include deeds securing or releasing debt, modifying existing deeds without new consideration, transfers among close relatives or to a business owned by a relative without consideration (with conditions), tax deeds, and several other specific scenarios.
- The rate is $0.75 per $500 of consideration or fraction thereof.
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US Gift Tax: Applies to property conveyed as a gift through a quitclaim deed, if the value exceeds the federal exemption amount.
- No Oklahoma gift tax.
- File with IRS using Form 709 if the gift value exceeds the exemption.
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Capital Gains Tax: Applicable if property is conveyed with consideration.
- Tax is based on the profit made from the sale.
- Both Oklahoma and federal capital gains tax may apply, dependent on individual circumstances and profit amounts.
- Rates vary based on annual income, property value, and duration of property ownership.
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Documentary Tax: Oklahoma imposes a documentary stamp tax on property transfers with consideration.
Frequently Asked Questions
How Long Does It Take for a Quitclaim Deed to Be Recorded in Oklahoma?
The time it takes to record a quitclaim deed in Oklahoma varies by county. Generally, once submitted to the county clerk’s office, the deed is recorded promptly, typically within a few days.
However, during peak periods or due to administrative delays, the process can take longer. It’s advisable to contact the specific county clerk’s office for more accurate timelines.
Can a Quitclaim Deed in Oklahoma Be Revoked?
Once a quitclaim deed is executed, delivered, and accepted by the grantee, it generally cannot be revoked unilaterally by the grantor.
Revoking or changing the deed requires the consent of both parties involved and usually entails executing a new deed to transfer the property back to the grantor or to another party. Legal consultation is recommended to explore options and implications of such actions.
Does an Oklahoma Quitclaim Deed Provide a Warranty of Title?
No, an Oklahoma quitclaim deed does not provide a warranty of title. It transfers only the grantor’s interest in the property, if any, without guaranteeing the quality of the property’s title or the presence of encumbrances.
Buyers should conduct a thorough title search and possibly purchase title insurance for protection against title issues.
How Does a Quitclaim Deed Affect Mortgages in Oklahoma?
A quitclaim deed transfers property ownership without affecting any existing mortgages or liens on the property. The grantee receives the property subject to any such encumbrances.
It’s crucial to understand that if the property is mortgaged, the original borrower (grantor) remains responsible for the debt unless the lender agrees to release them and hold the grantee responsible instead. Such arrangements are outside the scope of the quitclaim deed itself and must be negotiated separately with the lender.
Are Quitclaim Deeds Commonly Used in Estate Planning in Oklahoma?
Yes, quitclaim deeds are commonly used in estate planning in Oklahoma to transfer real property into trusts or directly to beneficiaries, which can avoid probate upon the grantor’s death. They offer a simple way to transfer property, but since they do not warrant title, it’s vital to ensure they fit into the broader estate plan appropriately. Consulting with an estate planning attorney is advisable to navigate these considerations effectively.
