What is a Quitclaim Deed in Rhode Island?
In Rhode Island, a quitclaim deed is used to transfer property from the current owner (“Grantor”) to a new owner (“Grantee”).
With a quitclaim deed in Rhode Island, the Grantor can provide legal protection against title issues using a “quitclaim covenant.” It guarantees the period during which the Grantor owned the property. However, the quitclaim covenant is not often used in Rhode Island, and the ownership period warranty is excluded.
What is the Difference Between a Quitclaim Deed and a Warranty Deed in Rhode Island?
The main difference between quitclaim deeds and warranty deeds in Rhode Island is that a quitclaim deed provides less security to the new owner.
Warranty deeds ensure the Grantor’s complete ownership of the property, free from any title issues throughout its history. In contrast, a quitclaim deed only transfers the Grantor’s current interest in the property. Even with a covenant, it can only guarantee ownership during a specific period.
Warranty deeds are mostly used for real estate transactions in Rhode Island. Quitclaim deeds, on the other hand, are typically used to transfer property between trusted parties, like family and friends.
How Do Quitclaim Deeds Work in Rhode Island?
Laws surrounding quitclaim deeds are found in Chapter 34 of the Rhode Island Legislature, titled Property.
In Rhode Island, a quitclaim deed has specific language, transferring the title from the Grantor to the Grantee, including the quitclaim covenant.
The quitclaim deed must be filed with the Recorder of Deeds in the city or town where the property is located. In Rhode Island, land records are processed locally, not at the county level.
Can You Prepare Your Own Quitclaim Deed in Rhode Island?
You can prepare your own quitclaim deed in Rhode Island. A professional drafter is not legally required.
Rhode Island Quitclaim Deed Requirements
Rhode Island quitclaim deeds are required to be fully in writing and include all of the following:
- Grantor’s name and address.
- Grantee’s name and address.
- The names of signatories must be printed below their signatures.
- Consideration – the price paid. If it’s not a sale, the deed must specify this.
- The property’s address.
- Property legal description.
Who Signs a Quitclaim Deed in Rhode Island?
For a quitclaim deed to be legally valid in Rhode Island, it must be signed by the Grantor. The Grantor must sign in the presence of a notary.
How to File a Quitclaim Deed in Rhode Island
Here’s how to file a quitclaim deed in Rhode Island:
- Prepare the quitclaim deed with the information required.
- Ensure the Grantor signs the quitclaim deed, acknowledged by a notary.
- File the quitclaim deed with the Recorder of Deeds in the city/town where the property is located.
How Much Does it Cost to File a Quitclaim Deed in Rhode Island?
The fee to file a quitclaim deed in Rhode Island is $84. Each additional page will be charged at $1 per page.
What Taxes Are Owed on Quitclaim Deeds in Rhode Island?
In Rhode Island, the transfer of a property through a quitclaim deed triggers the following taxes:
- Real Estate Tax for consideration up to $800,000: Tax rate is $2.30 for every $500 (or fraction) paid for the property.
- Additional Tax on High-Value Residential Property over $800,000: Tax rate is an additional $2.30 for every $500 (or fraction) paid for the amount over $800,000.
How Long Does a Quitclaim Deed Take to be Recorded in Rhode Island?
The length of time to record a quitclaim deed in Rhode Island varies greatly depending on the processes, procedures, and population of each county.
What Happens After a Quitclaim Deed is Recorded in Rhode Island?
In Rhode Island, once the quitclaim deed is signed and filed, the county will process the document. If the deed is clear of any previous filings, a public record of the transfer of the property’s ownership will be made official.
How Long Are Quitclaim Deeds Valid For in Rhode Island?
There is no expiration for quitclaim deeds in Rhode Island. However, the statute of limitations for breaching a contract in Rhode Island is 10 years.
Sources
- 1 R.I. Gen. Laws § 34-11-17
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Effect of quitclaim deed: A deed substantially following the form entitled “Quitclaim Deed” shall, when duly executed, have the force and effect of a deed in fee simple to the grantee..
Source Link - 2 R.I. Gen. Laws § 34-11-18
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Meaning of quitclaim covenants: In any conveyance of real estate the words “with quitclaim covenants” shall have the full force, meaning, and effect of the following words: “The grantor, for himself or herself and for his or her heirs, executors and administrators, covenants with the grantee and his or her heirs and assigns..
Source Link - 3 R.I. Gen. Laws § 34-11-15
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Effect of warranty deed. A deed substantially following the form entitled “Warranty Deed” shall, when duly executed.. (1) That at the time of the delivery of such deed he or she is lawfully seised in fee simple of the granted premises, (2) That the granted premises are then free from all incumbrances,
Source Link - 4 R.I. Gen. Laws § 34-11-12
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Statutory forms set out.2) QUITCLAIM DEED. … of .. for consideration paid, grant to .. of .. with quitclaim covenants..
Source Link - 5 R.I. Gen. Laws § 34-13-1
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Instruments eligible for recording. Any of the following instruments shall be recorded or filed by the town clerk or recorder of deeds.. (2) All contracts for sale of land.
Source Link - 6 R.I. Gen. Laws § 34-11-1
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Conveyances required to be in writing and recorded. Every conveyance of lands, tenements or hereditament absolutely, by way of mortgage, or on condition, use or trust, for any term longer than one year..
Source Link - 7 R.I. Gen. Laws § 34-11-1.1
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The signatories and notaries public to all deeds, mortgages, transfers, assignments, and discharges of mortgages.. contracts for the sale of land shall have their names typed or printed immediately
Source Link - 8 R.I. Gen. Laws § 34-11-1.4
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Sale price recording. Every deed presented for recording due to the sale of property, which results in the transfer in ownership of the property..
Source Link - 9 R.I. Gen. Laws § 34-11-1
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Every conveyance of lands, tenements or hereditament absolutely… , shall be void unless made in writing duly signed, acknowledged as hereinafter provided, delivered, and recorded in the records of land evidence in the town or city where the lands…
Source Link - 10 R.I. Gen. Laws § 34-13-7
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General recording fees. (a) The fees to the recording officers for recording the following described instruments relating to real estate shall be as follows: Quitclaim deed 80.00..(b) The recording officers shall be allowed to charge a rate of one dollar ($1.00) for each additional page or fraction over.
(2) R.I. Gen. Laws § 42-8.1-20
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(b) There is hereby imposed an additional assessment of four dollars ($4.00) for every instrument filed for recording pursuant to §§ 33-22-21 and 34-13-7. - 11 R.I. Gen. Laws § 44-25-1
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(1) Tax imposed — Payment — Burden. (a) There is imposed, on each deed, instrument, or writing by which any land .. when the consideration paid exceeds one hundred dollars ($100), a tax at the rate of two dollars and thirty cents ($2.30) for each five hundred dollars ($500)
(2) Rhode Island Department of Revenue Division of Taxation
The following pages provide examples of how the tax will apply, as well as detailson how the revenue will be allocated, and information about exemptions.
Source Link - 12 R.I. Gen. Laws § 9-1-13
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Limitation of actions generally — Product liability. (a) Except as otherwise specially provided, all civil actions shall be commenced within ten (10) years next after the cause of action shall accrue, and not after.
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