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
Iwant to be paid out of the house.Can my husband still get the loan without my signing at closing?
Hi Callene,
Welcome again.
Your husband may take a loan against his portion.
Another option is that your husband can pay you off your part and take the title in his name. In that case he can keep the house and take mortgage on it.
In either case you need not bother about getting involved in the mortgage. It can be also sorted out through understanding between two of you but involve your attorney in whatever you do to be assured.
God bless you.
For MortgageFit
Samantha
Welcome again.
Your husband may take a loan against his portion.
Another option is that your husband can pay you off your part and take the title in his name. In that case he can keep the house and take mortgage on it.
In either case you need not bother about getting involved in the mortgage. It can be also sorted out through understanding between two of you but involve your attorney in whatever you do to be assured.
God bless you.
For MortgageFit
Samantha
If he can get the mortgage without my signing.Will the deed with my name on it be subject to the lien? What if my ex default on loan? Will my credit be affected?
Hi Callene,
In no circumstances you will be affected if your name is directly not on the loan. You are not responsible for any loan because of your name in the deed.
So be assured that your credit will not be affected under any situation including default of your ex husband on the loan.
Feel free to post if you have any more query. We shall be happy to help you.
God bless you.
For Mortgagefit,
Samantha
In no circumstances you will be affected if your name is directly not on the loan. You are not responsible for any loan because of your name in the deed.
So be assured that your credit will not be affected under any situation including default of your ex husband on the loan.
Feel free to post if you have any more query. We shall be happy to help you.
God bless you.
For Mortgagefit,
Samantha
I Thank You and God Bless You. The information is very helpful.
hi there. i have read most of the correspondence here and i just wanted to ask my question regarding my specific situation. i was divorced recently and my ex-husband was ordered to pay me 1/2 of the equity value in the home we shared. my name is on the loan and i am concerned that if i sign this quit claim deed and for some reason down the road the home is foreclosed on, i will be responsible to pay half of the loan. he is not able to refinance in his name only, however is taking a second (home equity loan) out on the home. also, if my name is not taken off of the loan, does that effect my debt to income ratio once i go to purchase a home?
any info would be appreciated. thanks
any info would be appreciated. thanks
Hi tammy,
Welcome to MortgageFit Forums.
Your name in the loan will remain as it is even after the quit claim deed. A quit claim deed does not affect your name on the mortgage.
So, you will be held responsible for the loan in case the loan papers have your name.
Since your name exists on the loan, so it will reflect in the debt to income ratio definitely.
You can discuss with your ex-husband and pay off your part through him to take off your name from the loan.
But in the process always consult an attorney and make sure that you are no longer responsible for the mortgage after the settlement.
God bless you.
for MortgageFit,
Samantha
Welcome to MortgageFit Forums.
Your name in the loan will remain as it is even after the quit claim deed. A quit claim deed does not affect your name on the mortgage.
So, you will be held responsible for the loan in case the loan papers have your name.
Since your name exists on the loan, so it will reflect in the debt to income ratio definitely.
You can discuss with your ex-husband and pay off your part through him to take off your name from the loan.
But in the process always consult an attorney and make sure that you are no longer responsible for the mortgage after the settlement.
God bless you.
for MortgageFit,
Samantha
My father-in-law has informed my wife and I that we need to sign a Quit Claim because he put our names on the house (unknown to us). He has now sold the house and he needs us to sign the form. Is there any tax issues that may affect us??
Hi John,
Welcome to MortgageFit Forums.
I think you should talk to your father-in law regarding the tax involvement on the issue. As the IRS may find it as a gift to your father-in-law and you may have to face gift taxes.
I shall advise to consult an attorney on the matter to ensure that you don't face any tax problem dut to this.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
I think you should talk to your father-in law regarding the tax involvement on the issue. As the IRS may find it as a gift to your father-in-law and you may have to face gift taxes.
I shall advise to consult an attorney on the matter to ensure that you don't face any tax problem dut to this.
God bless you.
For MortgageFit,
Samantha
My husband was married before. He got the divorce and it stated that his
x, get property refinanced in her name, then my husband would sign over
the property. Years have passed and she did not comply with the divorce
and get refinanced. She now wants my husband to sign it over. if there are
bills connected with property , would he have to pay. We just don't trust her.
x, get property refinanced in her name, then my husband would sign over
the property. Years have passed and she did not comply with the divorce
and get refinanced. She now wants my husband to sign it over. if there are
bills connected with property , would he have to pay. We just don't trust her.
Hi Samm,
Welcome to MortgageFit Forums.
I can understand your worries. You have indeed made a right suspect of the problem.
I feel that your husband should have insisted to get it refinanced in her name at the time of divorce itself to come out clean.
Do advise your husband to refrain from signing a deed. That will transfer the property in his ex's name but your husband will remain liable to the mortgage associated with it.
Instead your husband should ask her to get the property refinanced in her name and then only he can sign the deed.
It is a crucial issue and that is why staying beside him is important so that he can get your valuable advice.
Feel free to ask any more doubts if you have.
God bless you two.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
I can understand your worries. You have indeed made a right suspect of the problem.
I feel that your husband should have insisted to get it refinanced in her name at the time of divorce itself to come out clean.
Do advise your husband to refrain from signing a deed. That will transfer the property in his ex's name but your husband will remain liable to the mortgage associated with it.
Instead your husband should ask her to get the property refinanced in her name and then only he can sign the deed.
It is a crucial issue and that is why staying beside him is important so that he can get your valuable advice.
Feel free to ask any more doubts if you have.
God bless you two.
For MortgageFit,
Samantha
This is kind of a complicated question. My mother owns her home outright. Several years ago she was diagnosed with Alzheimers. Prior to her illness, she drew up a Living Trust in which my brother, sister and myself would have durable power of attorney over her legal, financial, and medical matters. She also stated in the document that, upon her passing, my siblings and I would each receive an equal share of the house and would determine together its disposition. A couple of years ago, we had to take out a reverse mortgage on Mom's house in order to help pay for her home aide care. My sister's eldest son has been living in Mom's house rent free and has been helping take care of her (nights, wekends) for about 3 years. However, due to many unpleasant factors, we've had to ask him to leave the house. Here's the question: should my sister, who has health issues of her own, have her son sign a quit claim, just in case she passes before our mother and her interest in mom's home goes to my nephew (and his brother, who lives out of state). He was recently married, and quite frankly we don't trust his wife (one of the reasons he was asked to leave)
Thank you!
Judy
Thank you!
Judy
Hi, I am recently married and am purchasing a new home but the mortgage is only in my name. We understand that the title will have both of our names. My husband pays child support monthly but has an arrears from when he wasnt working. Can we do a quit claim so that the property is solely mine and no liens are able to be issued against it?
Hi Judy,
Welcome to MortgageFit Forums.
This is indeed a complicated situation with all the family members involved. If you don't want your nephew to own a pert of it, then it might be an appropriate decision to get him sign a quit claim and transfer the rights to some other's name.
But I have serious doubts whether your nephew will agree to that. If you can manage to have him paid of his portion then I think he may agree.
I shall suggest talking to your sister regarding the matter as it is a sensitive issue involving his son. Her acknowledgement is very much required.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
This is indeed a complicated situation with all the family members involved. If you don't want your nephew to own a pert of it, then it might be an appropriate decision to get him sign a quit claim and transfer the rights to some other's name.
But I have serious doubts whether your nephew will agree to that. If you can manage to have him paid of his portion then I think he may agree.
I shall suggest talking to your sister regarding the matter as it is a sensitive issue involving his son. Her acknowledgement is very much required.
God bless you.
For MortgageFit,
Samantha