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
In most states transfer of title is not taxable as you will not be paying her any money.
My mother is the mortgagee for my new wife's house. My wife bought the house in her own name for my mother with the intention of giving or selling it to my mother within a few months, as the house could not be in my mothers name until now. What is the best way to transfer the ownership of the house to my mother?
We have been creating a paper trail with loan payments each month.
If we do a quit claim deed, will my mother have to pay excise tax or capital gains?
We have been creating a paper trail with loan payments each month.
If we do a quit claim deed, will my mother have to pay excise tax or capital gains?
Hi Leo,
Welcome to MortgageFit Fourms.
The house can be transferred to your mother through a quit claim deed. There are some states that may charge certain fees for the transfer which may include recording charges and in some other cases their may be other fees for the transfer of title.
From the federal income tax perspective, if it can be shown as a gift and done without any exchange of money, your mother probably won't have any federal tax consequences provided the equity in the home is less than $11,000.
Capital gains tax needs to be paid by your mother if she sells the property afterwards. Consult a real estate attorney for the transfer purpose and he will guide you properly regarding the quit claim deed and the tax implications.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Fourms.
The house can be transferred to your mother through a quit claim deed. There are some states that may charge certain fees for the transfer which may include recording charges and in some other cases their may be other fees for the transfer of title.
From the federal income tax perspective, if it can be shown as a gift and done without any exchange of money, your mother probably won't have any federal tax consequences provided the equity in the home is less than $11,000.
Capital gains tax needs to be paid by your mother if she sells the property afterwards. Consult a real estate attorney for the transfer purpose and he will guide you properly regarding the quit claim deed and the tax implications.
God bless you.
For MortgageFit,
Samantha
Hi Leo,
I think the best way to transfer ownership is to carry out a title deed as the quit claim does not guarantee the transfer of property rights.
Thanks,
Caron.
I think the best way to transfer ownership is to carry out a title deed as the quit claim does not guarantee the transfer of property rights.
Thanks,
Caron.
my husband and I are divorcing and he's keeping the house. He wants me to sign a quitclaim deed, which I am willing to do. However, my question is this: will signing a quitclaim deed absolve me of the mortgage responsibility should he default?
Hi,
Welcome to the forums.
Please refer to http://www.mortgagefit.com/discuss/about2152.html where a similar query has been answered.
Thanks,
Caron.
Welcome to the forums.
Please refer to http://www.mortgagefit.com/discuss/about2152.html where a similar query has been answered.
Thanks,
Caron.
i,ve been divorced for seven years. we both still have our names on the existing mortgage. i have lived in the home and assumed all payments, taxes and insurances. i did not have any credit in my name to refinance when we divorced. i was currently in the process of getting it in my name alone. he has just filed bancruptcy chapter 7. now my house is messed up in it. the divorced decree states the home is to belong to me. i did recently do a quit claim deed, all signed but not recorded. approx. signed two months ago. the mortgage co. did say they would release his name off the loan. is my quit claim deed still good, can it save my house? the trustee said i have the option of re-purchasing it at their sent amount, possibly the tax value. i have paid in to it nearly 50.000 and owe 36,000. otherwise it will be auctioned. does it matter if the original land deed was only in his name, we were married twelve years.?
Hi,
Welcome to the forums.
A quit claim deed does not guarantee transfer of ownership; rather it guarantees that you have a share of interest in the property. I guess it would have been better if you could have signed a title deed, as it guarantees the transfer of ownership rights.
It is always better to record a deed. Keeping the deed in public records helps you to get through future problems with the title.
Thanks
Welcome to the forums.
A quit claim deed does not guarantee transfer of ownership; rather it guarantees that you have a share of interest in the property. I guess it would have been better if you could have signed a title deed, as it guarantees the transfer of ownership rights.
It is always better to record a deed. Keeping the deed in public records helps you to get through future problems with the title.
Thanks
Hi Gail,
If the divorce decree states that the house should belong to you, then I don't think your husband could list your home as an asset while filing bankruptcy.
"Is my quit claim deed still good, can it save my house? The trustee said I have the option of re-purchasing it at their sent amount, possibly the tax value."
You have mentioned that the trustee has asked you to re-purchase the house to save it from bankruptcy. I doubt whether this is favorable for you. It's better if you can consult an attorney for further advice.
Thanks,
Caron.
If the divorce decree states that the house should belong to you, then I don't think your husband could list your home as an asset while filing bankruptcy.
"Is my quit claim deed still good, can it save my house? The trustee said I have the option of re-purchasing it at their sent amount, possibly the tax value."
You have mentioned that the trustee has asked you to re-purchase the house to save it from bankruptcy. I doubt whether this is favorable for you. It's better if you can consult an attorney for further advice.
Thanks,
Caron.
My husband's father is deceased. He finaced a loan fo r his sister. The sister asked my husband to sign a quik claim to allow her to pay the taxes and he did. She did not mention that the state of georgia was paying her $500,000 for the land. The estate had to go to probate and we did not know anything about the proceedings. Are we entitled to any of this money since all of this was done fraudulent.
Hi Guest,
Welcome to out forums.
I do feel that you and your husband should contact an attorney and take his advice as all that has happened to you is indeed fraudulent.
I don't think that you are entitled to get the money. But you can at least take some legal action against the sister. I hope you have the copy of the quit claim deed with you. It may help you in legal procedures.
Regards,
Jessica.
Welcome to out forums.
I do feel that you and your husband should contact an attorney and take his advice as all that has happened to you is indeed fraudulent.
I don't think that you are entitled to get the money. But you can at least take some legal action against the sister. I hope you have the copy of the quit claim deed with you. It may help you in legal procedures.
Regards,
Jessica.
Aging parents own home outright. Son and daughter want to either add their names to deed or transfer deed to them from parents to avoid any eventual probate problems. Which is best course of action. Is it true that there is a new law requiring 5 year waiting period before this type of a transfer would become effective.
Quit Claim deed is the easiest option for this.
My father has done a will leaving his home to me upon his death. While he is still alive he would like for my name to be put on the deed of the house. Is this possible. The house is still has a mortgage on it . If this is not possible what procedures would be necessary to make me become owner since I will be paying the mortgage