Posted on: 05th Jun, 2005 10:42 pm
A quitclaim deed is a legal document that transfers your interest to another individual in the property such as
To help you get a clear idea of what a quitclaim deed (often misspelled as quick claim deeds or quit claim deeds) is, the whole information is divided into different sections:
- House - A building for human habitation
- Land - A place which can be used for habitation, investment or any other purpose
- Mobile home - A movable house that is parked in a place
To help you get a clear idea of what a quitclaim deed (often misspelled as quick claim deeds or quit claim deeds) is, the whole information is divided into different sections:
When to use quitclaim deed
A quitclaim deed is commonly used in the following situations:
- In a divorce, when an ex-spouse transfers ownership of the property to the other.
- A spouse may add other spouse's name to the property title after marriage only by issuing the spouse a deed.
- At the time of purchasing a property, ownership is transferred from the seller to the buyer. For such transfer, parties involved may use a quitclaim, general warranty, or special warranty deed.
- Sometimes, previous owner of the property may retain some ownership interest in the property. This interest can be transferred to the new owner with the help of a quitclaim deed.
- A person planning a will or a living trust can use the document to transfer ownership of the property into a trust or the person they want to inherit the property.
- Parents willing to transfer the ownership in a property to a child or a relative before the property gets stuck in a probate.
6 Steps to follow in a quit claim deed
Preparing a quitclaim deed is very easy. Here are some quick steps to do so.
- First of all, obtain a quit claim deed form. You can get the form online. You can also obtain it from the office of the local county recorder.
- Fill in the names of the grantor and the grantee. If possible address of both the parties has to be filled in.
- Signature of the grantor should be there in the form. In some states, signatures of both the grantor and the grantee are required.
- A public notary should verify the signature of the grantor. Generally, the grantor has to sign the deed in front of a public notary.
- A legal description of the property is a must. This is because of the fact that without the legal description, deed can’t be recorded in the recorder’s office.
- In order to make the deed valid, it should be recorded in the recorder’s office.
Life estates and quitclaim deeds
Even after transferring a property through quitclaim, you can have the right to stay there till your death. This is possible only if you retain a life estate for yourself. A life estate is a kind of estate where you retain interest in the property for your lifetime, and specifically name the person to whom the property is to go to immediately after your death.
Reverse/undo quitclaim
Once you have signed a quitclaim, the only way to get the property back is to have the grantee quitclaim it back to you or prove the transfer was invalid. If you can prove that you signed the deed under threat, external pressure, or the grantee made you sign by telling you false information, then you can have the quitclaim deed invalidated. For invalidating a deed, consult an attorney in your state. Learn more...
This legal document is a good way to transfer property if you are transferring it between family. The best way to transfer property to or from someone who is not family is to use a general or special warranty deed which gives the buyer warranties as well as transfers property.
This legal document is a good way to transfer property if you are transferring it between family. The best way to transfer property to or from someone who is not family is to use a general or special warranty deed which gives the buyer warranties as well as transfers property.
Related Readings
- Which is better - Interspousal Transfer or Quitclaim Deed?
- Can quitclaim deed transfer mortgage debt?
Related Forum Discussions
- Will grantor lose rights on property after quitclaim?
- Can quitclaim remove name from title?
- Will quitclaim protect my home from creditors?
- Tax implication of quitclaim Deed
- Owner deceased: Is quitclaim deed possible?
- Which is better - quitclaim or warranty deed?
- Quitclaim prior to bankruptcy - how does it affect?
- Is a sample quitclaim deed available here?
- Where to get free quick claim deed form
hi reese,
with the help of quit claim deed you cannot transfer the mortgage all you can do is transfer you rights and interest as this is what quit claim deed does. it does not transfer the mortgage.
if you want to transfer the mortgage to your fiance then you have to go for refinance. you can refinace the mortgage on your fiance's name, this way legally your fiance will have all the rights over the property and loan.
thanks
with the help of quit claim deed you cannot transfer the mortgage all you can do is transfer you rights and interest as this is what quit claim deed does. it does not transfer the mortgage.
if you want to transfer the mortgage to your fiance then you have to go for refinance. you can refinace the mortgage on your fiance's name, this way legally your fiance will have all the rights over the property and loan.
thanks
Hi,
To get as low rate you should negotiate with the lender, but I doubt if he will agree as you have already started the deal, and all formalities are already over by now.
If he does not approve a low rate, you can choose to refinance but again whether you will get a rate lower than now will depend on the market rates at present.
Feel free to ask if you have any other doubts. This is a great community and you will find all kinds of people coming here and discussing on various issues.
Thanks,
jerry
To get as low rate you should negotiate with the lender, but I doubt if he will agree as you have already started the deal, and all formalities are already over by now.
If he does not approve a low rate, you can choose to refinance but again whether you will get a rate lower than now will depend on the market rates at present.
Feel free to ask if you have any other doubts. This is a great community and you will find all kinds of people coming here and discussing on various issues.
Thanks,
jerry
I am currently married but thinking of divorcing my spouse. When we purchased our home, his credit wasn't sufficent so the loan for the home was taken out in my name only. He is interested in keeping the house but I wanted to know what options I had in regard to my credit if he failed to make timely payments etc..... If I quick claimed the house to him does that remove me from any liabilities are will I still be liable if something went wrong.
The loan is on your name, so if he fails in making the payments then it will affect your credit score.
Quit claim deed only transfer the interest of the property not the mortgage, if your husband really serious about the home then you can ask him to refinance it on his name. This will release you from all the liabilities.
Quit claim deed only transfer the interest of the property not the mortgage, if your husband really serious about the home then you can ask him to refinance it on his name. This will release you from all the liabilities.
hi,
welcome to mortgagefit forums.
if you wish to transfer your interest in the house to your husband then, i shall suggest you to transfer the loan along with it in your husband's name.
through a quit claim deed only the property interest is transferred and it won't remove your liability from the loan.
to transfer the loan you need to either go for a novation or refinance the loan in your husband's name.
talk to your lender and he will give you a possible solution on how to transfer the loan. but don't transfer your interest in the house if you fail to remove your name from the loan.
in that condition if your husband fails to meet the payments your credit record will be damaged.
feel free to ask if you have any more doubts.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
if you wish to transfer your interest in the house to your husband then, i shall suggest you to transfer the loan along with it in your husband's name.
through a quit claim deed only the property interest is transferred and it won't remove your liability from the loan.
to transfer the loan you need to either go for a novation or refinance the loan in your husband's name.
talk to your lender and he will give you a possible solution on how to transfer the loan. but don't transfer your interest in the house if you fail to remove your name from the loan.
in that condition if your husband fails to meet the payments your credit record will be damaged.
feel free to ask if you have any more doubts.
god bless you.
for mortgagefit,
samantha
My x has asked me to sign a quit claim deed for out jointly held property. Within ten days I am supposed to get a check for my share of the value of the property (established by judgement). I do not trust her... What if her refinancing falls through? What if I don't get paid by her mortgage company? What if she is only getting a second on the home and I will still be liable for the existing mortgage?
Hi Dennis,
I can understand your worries. You are absolutely correct in anticipating the probable troubles in future.
I shall advise you to insist her on refinancing first and then you go for a quit claim deed. Just get in touch with your divorce attorney or any other good and seek his help.
He can guide you well with the proper approach.
I can understand your worries. You are absolutely correct in anticipating the probable troubles in future.
I shall advise you to insist her on refinancing first and then you go for a quit claim deed. Just get in touch with your divorce attorney or any other good and seek his help.
He can guide you well with the proper approach.
Hi Dennis,
Generally the liability for the loan repayment is also mentioned in the divorce decree. Even if it is not mentioned you can take the help of your divorce attorney and take the matter to court.
But settling things at the time of divorce is better and with time things become more complicated. Consult a lawyer immediately and check out so that you are not in trouble in the future.
Generally the liability for the loan repayment is also mentioned in the divorce decree. Even if it is not mentioned you can take the help of your divorce attorney and take the matter to court.
But settling things at the time of divorce is better and with time things become more complicated. Consult a lawyer immediately and check out so that you are not in trouble in the future.
My boyfriend and I purchased a timeshare in Florida. We have now broken up. If I sign a quit deed on this proerty over to him will this relieve me of all financial obligations if he is to default on the laon?
Hi, Debbie
Is your name there on the loan, if yes then if he stops paying the loan then it will also affect your credit. And quit claim only transfer the interest and the title not the loan.
Is your name there on the loan, if yes then if he stops paying the loan then it will also affect your credit. And quit claim only transfer the interest and the title not the loan.
Debbie,
Try to get the loan refinanced in your ex's name so that you can rid of the loan liabilities. But don't leave share of the property unless he agrees to get the loan refinanced in his name.
Otherwise you will lose the property but still be responsible for the loan payments.
Try to get the loan refinanced in your ex's name so that you can rid of the loan liabilities. But don't leave share of the property unless he agrees to get the loan refinanced in his name.
Otherwise you will lose the property but still be responsible for the loan payments.
I purchased a house about six months ago. The house has been nothing but problems. Everything is breakind down, the ac, the furnace, the water heater. I just can't afford to repair it anymore. I have a person willing to take over the house and wants me to quit claim it over to him. I have only had this house for about six months so, there shouldn't be too much equity if any. I am concern about being responsible for any taxes, particulary gift tax. Please help
Is there any loan on your home, if yes then quit claim deed only transfer the interest not the mortgage(loan). And yeah some amount of gift tax should be there but i think consult your lawyer or your financial consultant, he can give you a better suggestion about how you should proceed.
Hi,
For tax implications on quit claim deed this discussion can be helpful to you. For more information and doubts kindly get back here.
Blue
For tax implications on quit claim deed this discussion can be helpful to you. For more information and doubts kindly get back here.
Blue
Hi,
My boyfriend and I bought a house together 2 years ago. We've decided to break up. I am leaving and he wants the house. We both want to be fair since we both put alot into the house. I was thinking about just signing a quit claim deed and cut my losses, but then I could use the money also. I am not sure what the best choice is for us since this is our first mortgage and I have no clue what a quit claim deed or a buy out entails or how to go about it??
My boyfriend and I bought a house together 2 years ago. We've decided to break up. I am leaving and he wants the house. We both want to be fair since we both put alot into the house. I was thinking about just signing a quit claim deed and cut my losses, but then I could use the money also. I am not sure what the best choice is for us since this is our first mortgage and I have no clue what a quit claim deed or a buy out entails or how to go about it??