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
Bobbie, you need to discuss with heirs named in the will on whether they are willing to purchase your part of the home. If they do not agree then you will have to accept your share of the home and then sell it off later on.
On the other hand if the heirs agree to take over the share you are receiving as per the will then you need to contact the court and inform about it. The court will then confirm with other heirs that they do wish to accept the portion you were to receive. And if it gets confirmed then you will be provided the consideration for your share of the house.
On the other hand if the heirs agree to take over the share you are receiving as per the will then you need to contact the court and inform about it. The court will then confirm with other heirs that they do wish to accept the portion you were to receive. And if it gets confirmed then you will be provided the consideration for your share of the house.
Hi Bobbie,
Welcome to Mortgagefit discussion board.
It seems you have asked a similar question here also - http://www.mortgagefit.com/appraisal/about8056.html. Please go through this page to know about the answers community members have provided.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
It seems you have asked a similar question here also - http://www.mortgagefit.com/appraisal/about8056.html. Please go through this page to know about the answers community members have provided.
Do let me know if you have any other questions.
Thanks
Blue
Is it true in Arkansas, that if a husband quit claims his interest to his wife before a divorce is final, that he will have to sign another before the property can be sold or refinanced.
Hi Ginger,
Once a husband quitclaims his ownership rights of the property to his wife, he is removed from the title. He has no obligation towards the property after the deed.
Now if the wife sells the property in future, the husband will not be required to sign any deed regarding the property sale. The wife being the new property owner will have to bear entire responsibility of selling the property.
Once a husband quitclaims his ownership rights of the property to his wife, he is removed from the title. He has no obligation towards the property after the deed.
Now if the wife sells the property in future, the husband will not be required to sign any deed regarding the property sale. The wife being the new property owner will have to bear entire responsibility of selling the property.
If I have my ex. sign a quit deed, does this mean that he has signed if over to me lock stock and barrel? Can I have his name removed from the morgage without refinceing?
hi kathy,
welcome to mortgagefit discussion board.
yes if your ex husband signs a quit claim deed for transferring property in your name then after the deed is notarized and recorded he will not have any claims over it.
but the mortgage will have to be refinanced in your name. but you should talk with your lender on whether he will allow you to continue the payments without completing the refinance process, which is highly unlikely.
do let me know if you have any other questions.
thanks
blue
welcome to mortgagefit discussion board.
yes if your ex husband signs a quit claim deed for transferring property in your name then after the deed is notarized and recorded he will not have any claims over it.
but the mortgage will have to be refinanced in your name. but you should talk with your lender on whether he will allow you to continue the payments without completing the refinance process, which is highly unlikely.
do let me know if you have any other questions.
thanks
blue
Hi Kathy,
When you ex will transfer the property in your name by using a quitclaim deed, he will have no claim to the property afterwards. After you get the complete ownership of the property, he will have no rights to the property.
But I think it will be quite impossible for you to remove his name from the loan without refinancing. The lender may not agree with that. Without refinancing, you won’t be able to own the loan solely in your name.
When you ex will transfer the property in your name by using a quitclaim deed, he will have no claim to the property afterwards. After you get the complete ownership of the property, he will have no rights to the property.
But I think it will be quite impossible for you to remove his name from the loan without refinancing. The lender may not agree with that. Without refinancing, you won’t be able to own the loan solely in your name.
My mother took out a Home Equety Line of Credit several years ago. She is still paying on it. She wants to transfer the home to me (her daughter)by Quit Claim. What will happen to the loan once this has been done?
My mother just passed away and my Dad is in a nurisng home. He wants me to take him home to his house and move in and take care of him. In return he wants to Quit claim deed the house to me so that my brothers and sisters have to rights to it when he passes. I have agreed to do this and take care of him as long as he lives. Is there a time limit when someone quit claim deeds their house to you before it takes affect? Say he does it today and passes next week is this a valid document or does my borthers and sisters also have rights to the house? There also is a home equity mortagage on this house that I will be paying. We live in Michigan.
Thank you.
Thank you.
Patty - you will own the house but your mothere will still have the responcibility for the loan and will have to pay for it. Most likely she can add you on the title but cannot be relised from the title untill her obligations are satisfied. Also should she stop paying her loan the bank can come and foreclose on the property since the bank has a lien against it.
Nancy - the quitclaim deed will need to be recorded in the county the property is located in, your father needs to be of sound mind when sighning it. Its effective as of the date of sighning. Mortgage loan will have to be paid on time or the bank will foreclose on the property. Also if your dad passes away the bank can call the loan due or ask you to refinance in your name since their borrower no longer alive.
Hi Nancy,
"Say he does it today and passes next week is this a valid document or does my borthers and sisters also have rights to the house?"
The property transfer occurs on the day the deed is notarized and recorded. If the deed is made today then you become the new owner by today itself. Your dad will not have any rights over the house from today.
Regarding the mortgage, as Eugene said the title ownership will change and it can result in lender calling the loan due. At that time you will have to sell the house or refinance the mortgage in your name.
"Say he does it today and passes next week is this a valid document or does my borthers and sisters also have rights to the house?"
The property transfer occurs on the day the deed is notarized and recorded. If the deed is made today then you become the new owner by today itself. Your dad will not have any rights over the house from today.
Regarding the mortgage, as Eugene said the title ownership will change and it can result in lender calling the loan due. At that time you will have to sell the house or refinance the mortgage in your name.
hi nancy,
i feel sad for your dad as he is not in good health.
now, once your dad signs the quitclaim deed, he will give up his ownership rights to the house and you, along with your brothers and sisters will take over the property rights. but you must make the deed valid by getting it properly notarized and recorded at the county recorder's office.
and if you wish to take over the payments towards the home equity loan, the lender will ask you to refinance the loan in your name because of the title transfer.
i feel sad for your dad as he is not in good health.
now, once your dad signs the quitclaim deed, he will give up his ownership rights to the house and you, along with your brothers and sisters will take over the property rights. but you must make the deed valid by getting it properly notarized and recorded at the county recorder's office.
and if you wish to take over the payments towards the home equity loan, the lender will ask you to refinance the loan in your name because of the title transfer.
my husband and I are separated he wants to buy me out of our joint property and says the bank will not let him refinance until I sign a quit claim deed, I am afraid if I sign it before he refinances, he wont give me a dime of my equity, or refinance for that matter, what can I do to protect my assets?
Sara you should not sign the deed until he is not able to refinance the mortgage in his name. If you sign before that and he is not able to refinance then you will remain on the mortgage and in case of defaults your credit will get affected.
Refinance documents can be signed at the time the quit claim deed is made out. So you can talk with the lender about the refinance and when the deed is made necessary steps can also be completed to transfer the mortgage in his name. It is not that first you will have to quit claim and later he will refinance, both can be done on the same day itself.
Miller
Refinance documents can be signed at the time the quit claim deed is made out. So you can talk with the lender about the refinance and when the deed is made necessary steps can also be completed to transfer the mortgage in his name. It is not that first you will have to quit claim and later he will refinance, both can be done on the same day itself.
Miller