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
My son is disabled due to anxiety and panic disorder. He has worried what will happen to him when I pass away. I maintain our home and pay all expenses. I have signed a quit claim deed so the property will be his, but he is afraid it won't hold up in case one of his siblings take him to court and try to take part of the property. I don't anticipate this will happen. I just need to know if the quit claim deed will stand up in court.
Please advise.
June
Please advise.
June
Hi June,
Quit claim deed will transfer your interest in the property to your son.
But instead a warrant deed can also be used which would officially transfer the title of the property in your son's name.
Have a look at this page for all the details and features of a warranty deed.
Thanks
James
Quit claim deed will transfer your interest in the property to your son.
But instead a warrant deed can also be used which would officially transfer the title of the property in your son's name.
Have a look at this page for all the details and features of a warranty deed.
Thanks
James
my mother owns property that she wants me to have. if i'm reading this forum right and we do a quit claim deed it would transfer omnership to me at her passing?
would i have to pay gift taxes on the amount?
i have kept the taxes paid for her for the last 12 years.....could this be considered payment for the property?
i appreciate your answers.
would i have to pay gift taxes on the amount?
i have kept the taxes paid for her for the last 12 years.....could this be considered payment for the property?
i appreciate your answers.
Hi,
"we do a quit claim deed it would transfer omnership to me at her passing? "
The quit claim will transfer interest in the property from your mother to you. But the transfer of title is not guaranteed through this deed. Know more...
Thanks,
Caron.
"we do a quit claim deed it would transfer omnership to me at her passing? "
The quit claim will transfer interest in the property from your mother to you. But the transfer of title is not guaranteed through this deed. Know more...
Thanks,
Caron.
Hi,
I found this page from the IRS. It has good information on gift taxes. Visit http://www.irs.gov/publications/p950/ar02.html#d0e180
Hannah
I found this page from the IRS. It has good information on gift taxes. Visit http://www.irs.gov/publications/p950/ar02.html#d0e180
Hannah
Hi,
"i have kept the taxes paid for her for the last 12 years.....could this be considered payment for the property? "
No, the taxes are paid to the government whereas the payments on the property are made to the lender.
"we do a quit claim deed it would transfer ownership to me at her passing?would i have to pay gift taxes on the amount?"
Regarding the ownership rights, your mother can sign a title deed or warranty deed so that your rights on the property are guaranteed. And, you will get ownership rights before your mother passes away provided the deed is signed at present.
Thanks,
Caron.
"i have kept the taxes paid for her for the last 12 years.....could this be considered payment for the property? "
No, the taxes are paid to the government whereas the payments on the property are made to the lender.
"we do a quit claim deed it would transfer ownership to me at her passing?would i have to pay gift taxes on the amount?"
Regarding the ownership rights, your mother can sign a title deed or warranty deed so that your rights on the property are guaranteed. And, you will get ownership rights before your mother passes away provided the deed is signed at present.
Thanks,
Caron.
my inlaws names are on the deed as are my wifes and mine. My in-laws want there names removed from the deed
Hi Guest,
That's very simple, you have your inlaws sign a quit claim deed and transfer their share to you or to whoever they want.
Know more on quit claim deed and also go through some of the discussions in this thread for further knowledge on how the deed works.
Thanks,
Caron.
That's very simple, you have your inlaws sign a quit claim deed and transfer their share to you or to whoever they want.
Know more on quit claim deed and also go through some of the discussions in this thread for further knowledge on how the deed works.
Thanks,
Caron.
My son bought the house I'm living in before he was married. Now, he is married and I feel insecure that if something happened to my son, his wife might not let me continue to live here. Will a quit claim help this situation? Or, is the only answer for me to purchase the house from my son.
Hi Josephine,
A tenancy in common is an option for you where two of you can own distinct title to the property. If supposedly something happens to your son then his part title to the property will pass as per his will and not to rest of the tenants.
This way your share of the title to the property or rather your part of the property will not automatically pass on to your daughter-in-law.
A tenancy in common is an option for you where two of you can own distinct title to the property. If supposedly something happens to your son then his part title to the property will pass as per his will and not to rest of the tenants.
This way your share of the title to the property or rather your part of the property will not automatically pass on to your daughter-in-law.
Me and my fiance currently live in an apartment together, he just bought a house for us to share, but since I will be living there with him and paying half the mortgage and bills what would be the best way to assure my interest in the property. I would like all the steps that I should follow.
Time is soon approaching, and I refuse to move in with him, unless I'm fully vested.
God Bless You, :( :idea:
Time is soon approaching, and I refuse to move in with him, unless I'm fully vested.
God Bless You, :( :idea:
Hi,
You can have look at this page for answer to your query,
http://www.mortgagefit.com/know-how/about4669.html
Thanks
James
You can have look at this page for answer to your query,
http://www.mortgagefit.com/know-how/about4669.html
Thanks
James
Thanks for answering my question. Two more things please. Is a tenancy in common the same thing as a Quit Claim. Also, please understand, I live in one state while my son and his wife live in another state. Is your suggestion that he and I might STILL be able to do a tenancy in common? And/or, would it help if my daughter in law signed off on a Quit Claim Deed?
I hope you can help me. My Dad owned a 1/5th interest in some land. He did a quit claim deed to me for his share. Included in this was a life trust for his use of the property. He now wants me to sell his share to one of the people that ownes 2/3rd of the land. How do I go about this?