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
Yeah Jimmy, I too feel the same. And, that's why I thought of joining this community and helping people with as much knowldege as I have. You too can Join this community and help others by sharing your knowledge and experience.
Thanks,
Sara
Thanks,
Sara
Hi Michelle,
You can ask your sister to add the other children's name on the title to the property. This can be done by a quitclaim deed or a grant deed. In this way, each of you will get a certain position of the property in your name.
However, if your father has made a Will, the property should be divided legally as stated on the Will.
Hope this information will help you.
God bless you.
Samantha
You can ask your sister to add the other children's name on the title to the property. This can be done by a quitclaim deed or a grant deed. In this way, each of you will get a certain position of the property in your name.
However, if your father has made a Will, the property should be divided legally as stated on the Will.
Hope this information will help you.
God bless you.
Samantha
My daughter just got a divorce, well really they lived together common law I guess. The warranty deed is made out to my daughter Jennifer Jones and her ex-boyfried, Jay Smith as grantees. The ex hasn't paid child support and left the state so the court ruled that my daughter get the entire house (condo). The court issed a Rule 70 which the judge signed giving the clerk of the district court permission to sign the necessary papers in lieu of Jay Smith. I, the mother, was told I need to get a deed so the clerk could sign for Jay Smith and I would have to have it recorded. My question is this. When I made out the Quit Claim Deed, I put in Jennifer Jones and Jay Smith as grantors and put my daughter Jennifer Jones as grantee. Since the warranty deed was made out in both their names, I thought I should keep the transfer of ownership the same. Did I fill in the Quit Claim Deed properly, or should I only put Jay Jones as the grantor since He is the only one really who is granting the property. I want to be sure I did this right before I take it down next week to get recorded. A quick answer would be truly appreciated. Thank you, Phyllis
Hi Phyllis,
Welcome to the forums.
I think if you can prepare a quit claim deed with Jay smith as the grantor and Jennifer Jones as the grantee, it will be fine. It will imply that Jay smith is transferring his interest in property to your daughter Jennifer. The share of interest which your daughter already had will remain with her.
Thanks,
Sara
Welcome to the forums.
I think if you can prepare a quit claim deed with Jay smith as the grantor and Jennifer Jones as the grantee, it will be fine. It will imply that Jay smith is transferring his interest in property to your daughter Jennifer. The share of interest which your daughter already had will remain with her.
Thanks,
Sara
Hi Sara,
I think that the deed should mention Jennifer and Jay as grantor and Jennifer as grantee, which implies that property title is transferred from names of two spouses to just one spouse. This is actually the usual procedure and it may require the wife to pay a lump sum to the ex-spouse in case he demands it.
Thanks
I think that the deed should mention Jennifer and Jay as grantor and Jennifer as grantee, which implies that property title is transferred from names of two spouses to just one spouse. This is actually the usual procedure and it may require the wife to pay a lump sum to the ex-spouse in case he demands it.
Thanks
If a person relinquishes their rights to a property during a divorce, but are never removed from the deed, do they still have a right to the property?
Hi Lisa,
Welcome to Mortgagefit discussion board.
Does the divorce decree specifies that one of the spouse will get the property after divorce, if it does then it will be necessary to transfer the property to the other person.
But it was mutually agreed between two of you that one will keep the property and as yet the deed has not been made to transfer the property in the name of the other person then he/she still has rights over the said property.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Does the divorce decree specifies that one of the spouse will get the property after divorce, if it does then it will be necessary to transfer the property to the other person.
But it was mutually agreed between two of you that one will keep the property and as yet the deed has not been made to transfer the property in the name of the other person then he/she still has rights over the said property.
Thanks
Blue
If the divorce decree states that the person has a right on the property and if the deed still has his name on it, then that person will still be able to exercise his rights on property.
Hi. My husband and I are goig trough a divorce. I 'm going to take over the house by buying him out. If we do the quick claim deed, can I then just take over the morgage , or do I have to refinance?
Thank you for any help.
Thank you for any help.
Hi Therese,
Welcome to Mortgagefit discussion board.
Taking over the mortgage from your husband is possible through a process known as novation but the lender is required to approve and allow it. Most often they do not agree on it as with novation the mortgage rate remains the same even if the current market rates are higher than the ones which are for the present mortgage.
If the lender does not allow novation, then you will have to get the mortgage refinanced in your name. One more thing I should tell you as you might not be aware of, is that quit claim deed will only transfer the property in your name but it will not have any affect on the mortgage, both of you will remain liable for making payments until it is refinanced or a novation done.
Let me know if you have any further questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Taking over the mortgage from your husband is possible through a process known as novation but the lender is required to approve and allow it. Most often they do not agree on it as with novation the mortgage rate remains the same even if the current market rates are higher than the ones which are for the present mortgage.
If the lender does not allow novation, then you will have to get the mortgage refinanced in your name. One more thing I should tell you as you might not be aware of, is that quit claim deed will only transfer the property in your name but it will not have any affect on the mortgage, both of you will remain liable for making payments until it is refinanced or a novation done.
Let me know if you have any further questions.
Thanks
Blue
If me and my mom and two sisters are on a quit claim deed and my mom and one sister sign a quit claim deed to me on the same property does that give 3/4 ownership of the property if the other sister does not sign it over to me ?
therese, you need to go for a refinancing of the existing loan. merely by doing a quit claim, you cannot take over the loan. it will only help you to take over the property.
check out the rates of interest prevailing currently. if you wish to benefit from the refinance, a 1.5-2% lower rate compared to the current rate is preferable.
thanks,
sara
check out the rates of interest prevailing currently. if you wish to benefit from the refinance, a 1.5-2% lower rate compared to the current rate is preferable.
thanks,
sara
Hi Woods,
Welcome here.
You are all owners of the same property but the interest occupied by each of you is currently 1/4th part of property. Now, if your mom and sister quit claims their shares of interest to you, then you will be getting 3/4th part of property as interest. This means that if the property is sold, you will get 3/4th part of the sale proceeds.
Thanks,
James.
Welcome here.
You are all owners of the same property but the interest occupied by each of you is currently 1/4th part of property. Now, if your mom and sister quit claims their shares of interest to you, then you will be getting 3/4th part of property as interest. This means that if the property is sold, you will get 3/4th part of the sale proceeds.
Thanks,
James.
thanks jameshogg ... But if i didn't sell the property would i be able to contorl more of what goes on with the property than my sister . Are you sure about 3/4TH owner on a quit cailm deed that way ?
You can control whatever is going on in your part of property and not on that portion owned by your sister.