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 husbands mom quick claimed her home to him 7 yrs ago. She recently died, but, his stepfather still lives in the home. About the same time as the home was deeded, my husband went out of work w/a disability (he was out 5 1/2 yrs, and has since returned.). We may be divorcing. I'm wondering if I am entitled to any of the value of that home (it is paid off). Thanks.
Welcome Jen,
If you become the owner of the property through quit claim, chances are that the lender may charge payments from you in case your friend stops paying. This is so because you will then be the owner. The lender would like to secure his interest in property by taking the money from you.
Thanks
If you become the owner of the property through quit claim, chances are that the lender may charge payments from you in case your friend stops paying. This is so because you will then be the owner. The lender would like to secure his interest in property by taking the money from you.
Thanks
Welcome Amelia.
Whether you will get any value from the home depends upon the decision taken by the court and the divorce decree it issues.
Whether you will get any value from the home depends upon the decision taken by the court and the divorce decree it issues.
My ex fiance and I bought a home together, we have joint tenancy. He is now asking me to sign a quit claim to him. He tells me I will be paid $5,000.00. If I do sign the quit claim, will I still be on the morgage?
My grandmother is becoming very ill and is now in need of financial support to cover medical and care expenses. It has been suggested that she Quit-Claim her home (which is completely debt free) to me, and then I immediately obtain a equity loan against the home to help pay her expenses. Upon her eventual passing, I will then sell the home and recover my out of pocket expense (i.e., the monthly payments on the equity loan). This is the last resort since my grandmother does not want to take out a reverse mortgage and she only trusts me with the Quit-Claim transaction.
What do you think? Is this feasible?
What do you think? Is this feasible?
Hi Candy,
Welcome here.
You will still be on the mortgage even if you sign the quit claim. But you will lose your equity in the house. And for the payments, as your ex-fiance to sign a written statement that on quit claim, he will provide you with the money.
Thanks,
James.
Welcome here.
You will still be on the mortgage even if you sign the quit claim. But you will lose your equity in the house. And for the payments, as your ex-fiance to sign a written statement that on quit claim, he will provide you with the money.
Thanks,
James.
hi jimmy,
welcome to the forums.
the option to go for a quit claim seems quite feasible. now, you need to find a suitable lender who offers home equity loan at a rate of interest that is favorable for you. also let the lender know that you may sell the property and pay off the loan in future. this is because, in case the lender does not allow you to sell, you may have to repay it with your own funds.
thanks,
sara
welcome to the forums.
the option to go for a quit claim seems quite feasible. now, you need to find a suitable lender who offers home equity loan at a rate of interest that is favorable for you. also let the lender know that you may sell the property and pay off the loan in future. this is because, in case the lender does not allow you to sell, you may have to repay it with your own funds.
thanks,
sara
Thanks Sara for the quick response and advice. This forum is terrific!
We are living in a home that my the loan and title is in my mother-in-law 's name. We live upstairs and she lives down stairs. We are thinking about a quick claim dead to protect us incase she tries to sell out from us. We pay the mortgage and it is suppose to be ours now since she can not afford it. We can not get it finance into our name until July do to pre-payment pently. We want some type of protect of what we are paying into it and it will be ours. Would a quit claim dead work or some type of contract.
Thanks
Thanks
My father did a quit claim deed on his home 3 weeks before he died and had one of my sister name put on it. The other children do not again with this action and just found out about it. Is there anything we can do to have the house divided between ALL his children.
Hi Michelle,
Welcome to Mortgagefit discussion board.
Sorry to hear about your father's death.
If the property was in your father's name as him being the sole owner and the quit claim deed was made out properly then it is valid. What I mean by "made out properly" is that the deed was properly notarized and recorded at the county recorder's office before his death.
You should consult an attorney to know if there can be a way to prove the deed illegal. But that would be difficult to prove.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Sorry to hear about your father's death.
If the property was in your father's name as him being the sole owner and the quit claim deed was made out properly then it is valid. What I mean by "made out properly" is that the deed was properly notarized and recorded at the county recorder's office before his death.
You should consult an attorney to know if there can be a way to prove the deed illegal. But that would be difficult to prove.
Thanks
Blue
Hi Sharon,
Yes a quit claim deed can be made out by your mother-in-law to include your name in the title of the house.
By making out the quit claim deed she will make you the part owner of the house and won't be able to sell off the part she would quit claim in your name.
David
Yes a quit claim deed can be made out by your mother-in-law to include your name in the title of the house.
By making out the quit claim deed she will make you the part owner of the house and won't be able to sell off the part she would quit claim in your name.
David
"My ex fiance and I bought a home together, we have joint tenancy. He is now asking me to sign a quit claim to him. He tells me I will be paid $5,000.00. If I do sign the quit claim, will I still be on the morgage?"
Candy, by quit claim deed only your ownership of the house will get transferred in your ex fiance's name. You will remain liable to the mortgage and if he stops making the monthly payments then you will have to continue them, without having any ownership rights over the home.
You will be paid $5,000? For your share of interest in the home? I am sure the value of the house is lot more than that and your share of the actual value will be far greater than $5,000.
Also ask your ex fiance to refinance the mortgage in his name before you quit claim the house, so that you no longer remain liable for mortgage payments after you do not have any rights over the home.
Colin
Candy, by quit claim deed only your ownership of the house will get transferred in your ex fiance's name. You will remain liable to the mortgage and if he stops making the monthly payments then you will have to continue them, without having any ownership rights over the home.
You will be paid $5,000? For your share of interest in the home? I am sure the value of the house is lot more than that and your share of the actual value will be far greater than $5,000.
Also ask your ex fiance to refinance the mortgage in his name before you quit claim the house, so that you no longer remain liable for mortgage payments after you do not have any rights over the home.
Colin
hi sharon,
welcome to our forums.
if you request your mother-in-law to quit claim the property to both of you that will help you to get the ownership rights on property. you can give her the choice to sign over a quit claim deed with a life estate option.
the life estate will give your mother-in-law the rights to occupy the property as long as she is alive after which the house will pass on to both of you. however, the life estate does not allow her to sell the property.
even though you get ownership rights, the loan will still be in your mother-in-law's name. her name will remain on the loan until and unless she refinances thereby giving away the title to you and your spouse without going for a quit claim deed.
alternatively, you may get the loan transferred in your name through novation – a legal process which transfers home loan in agreement with the lender.
thanks,
caron.
welcome to our forums.
if you request your mother-in-law to quit claim the property to both of you that will help you to get the ownership rights on property. you can give her the choice to sign over a quit claim deed with a life estate option.
the life estate will give your mother-in-law the rights to occupy the property as long as she is alive after which the house will pass on to both of you. however, the life estate does not allow her to sell the property.
even though you get ownership rights, the loan will still be in your mother-in-law's name. her name will remain on the loan until and unless she refinances thereby giving away the title to you and your spouse without going for a quit claim deed.
alternatively, you may get the loan transferred in your name through novation – a legal process which transfers home loan in agreement with the lender.
thanks,
caron.