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
What does unqualified sale mean when it pertains to a quick claim deed?
Unqualified sale is that type of sale which does not reflect the market value of the property.
I am in the process of trying to purchase a home. This a foreclosure that was appraised at 199k, but the asking price is !70K. My lender told me that I was unable to get FHA lending but she found me an investor. The investor will get the house in his name. I will pay the down payment of 10 percent. Plus, the investor is charging me $1500 per month. Up front, he wants another 3 months of payments put in escow. My lender told me that once he purchases the house, he is quick claming the house to me, and that I will refinance with 6 months.
Is this too much for the investor to ask? Can the investor sell he house from out under me.
Is this too much for the investor to ask? Can the investor sell he house from out under me.
Hi Marie,
It's good to hear that you are about to purchase your home. But if you are unable to get FHA loan, why don't you try out with other options? There are plenty of loan programs available in the market. Have you shopped around with some of the lenders? And, did your lender tell you why you were denied for the loan?
I'm not sure as to whether the investor is chraging the right amount of cash from you. Moreover, it is not easy to refinance within 6 months. I personally feel you shouldn't get into this deal. Just look out for other options.
Good luck
It's good to hear that you are about to purchase your home. But if you are unable to get FHA loan, why don't you try out with other options? There are plenty of loan programs available in the market. Have you shopped around with some of the lenders? And, did your lender tell you why you were denied for the loan?
I'm not sure as to whether the investor is chraging the right amount of cash from you. Moreover, it is not easy to refinance within 6 months. I personally feel you shouldn't get into this deal. Just look out for other options.
Good luck
My husband and I could not qualify for a loan on a vacation home that we wanted because we are self employed and show very little income. So my mother in law got the loan in her name and we make the payments. She gave us a quit claim deed and we have not filed it with the county yet. I'm wondering if we should file it with the county or is it good enough for now that we just have it? Does a quit claim expire? If we do file it with the county now, will we have to qualify for a new loan? Can we still file the quit claim if my mother in law passes away? Any information would be helpful. Thanks.
Hi,
A quit claim is not valid if it is not recorded at the county office.
Signing a quit claim does not transfer any financial responsibilities. So the loan will still remain in your mother-in-law's name. In that case you will have to refinance the loan in your name.
You should talk to the lender before any such transfer of ownership.
A quit claim is not valid if it is not recorded at the county office.
Signing a quit claim does not transfer any financial responsibilities. So the loan will still remain in your mother-in-law's name. In that case you will have to refinance the loan in your name.
You should talk to the lender before any such transfer of ownership.
Hi JLV,
If the quit claim is notarized and still then not recorded you may have problem in recording it later, specially, after your mother in law passes away.
I think you will have to qualify for refinancing the mortgage.
If the quit claim is notarized and still then not recorded you may have problem in recording it later, specially, after your mother in law passes away.
I think you will have to qualify for refinancing the mortgage.
Hi JLV,
A quitclaim deed does not expire but if you have not notarized or recorded it in the county recorder office, it is not a valid deed and you will have to face problem if your mother-in-law passes away.
Thanks,
Larry
A quitclaim deed does not expire but if you have not notarized or recorded it in the county recorder office, it is not a valid deed and you will have to face problem if your mother-in-law passes away.
Thanks,
Larry
i bought a house some years ago but my credit an my husband credit is bad and my father in law bought it under his name but we made the monthly mortgage payments and we pay the taxes at the end of the year, i would like to know if we could make a quit claim in order to deduct the taxes from our income tax. also i want to know if we want to refinance our credit would affect the interest rate that my father in law could obtain or he could not refinance the house under his name.
carla
carla
Hello Carla,
The quit claim will only transfer the ownership of the property and not any financial responsibility.
In order to get tax benefits, the mortgage has to be in your name otherwise this is not possible.
What is your credit score? Your credit score is definitely a factor affecting the interest rate, if you want to refinance the loan in your name.
The quit claim will only transfer the ownership of the property and not any financial responsibility.
In order to get tax benefits, the mortgage has to be in your name otherwise this is not possible.
What is your credit score? Your credit score is definitely a factor affecting the interest rate, if you want to refinance the loan in your name.
Hi there! My husband and I are about to close Escrow on a business and I was not there the day we opened keeping me from being on business name. If we add my name now, it's an extra 21 days in Escrow which we don't want. Is it as easy as doing a quitclaim deed to get my name on it, does this give me 50% ownership, and building credit on the business?
Who can do this paperwork for us, can we do it the day we close escrow in 5 days?
Thank you!
Who can do this paperwork for us, can we do it the day we close escrow in 5 days?
Thank you!
Welcome Poonam
If it's a business property, then you can use a quitclaim deed. And for that you have to consult an attorney as he will be the one drafting the deed that is accepted by your state.
If it's a business property, then you can use a quitclaim deed. And for that you have to consult an attorney as he will be the one drafting the deed that is accepted by your state.
I recently took part in a county auction in Michigan for a property that the state took over due to the previous owner not paying taxes. According to State Statutes all prior liens are cancelled by Circuit Court Order. Is there any way the previus owner could some how get this property back? Also can I do anything more to make the Quit Claim Deed a regular property Deed, or is that not necessary?
Thanks!
Thanks!
Hi Guest,
Welcome to our forums.
Congratulations for having a new home!
Well, as much as I understand, if the owner has signed on a quitclaim deed stating he's transferring his interest in property over to you, then that's ok.
The only thing now you need to do is, record the deed at the County Recorder's office if it has been notarized already. And, if you have a copy of the Circuit court order stating that there no liens on the property, then that's good enough.
A quitclaim deed is a regular property deed, so you need not do anything else about it.
Good luck and if you have further queries, please feel free to ask the community.
Welcome to our forums.
Congratulations for having a new home!
Well, as much as I understand, if the owner has signed on a quitclaim deed stating he's transferring his interest in property over to you, then that's ok.
The only thing now you need to do is, record the deed at the County Recorder's office if it has been notarized already. And, if you have a copy of the Circuit court order stating that there no liens on the property, then that's good enough.
A quitclaim deed is a regular property deed, so you need not do anything else about it.
Good luck and if you have further queries, please feel free to ask the community.
Hello,
I have a very sensitive situation. In October of 1994 my husband purchased a house for us but we weren't married yet. We had been living together since February 1994, we then got married in November 1994 one month after moving into the purchased house. My name was never put on the deed, even though we made every payment together. In November of 2005 we sold the house and moved to Idaho. I had lost my job so when we purchased the new house in Idaho I couldn't be on the mortgage or deed due to my horrible credit at that time. Consequently, not knowing the ramifications of a Quit Claim Deed I signed it so we could get the house in Idaho. Now my husband and I are most likely getting a divorce and I wonder what my rights are regarding this property.
I have a very sensitive situation. In October of 1994 my husband purchased a house for us but we weren't married yet. We had been living together since February 1994, we then got married in November 1994 one month after moving into the purchased house. My name was never put on the deed, even though we made every payment together. In November of 2005 we sold the house and moved to Idaho. I had lost my job so when we purchased the new house in Idaho I couldn't be on the mortgage or deed due to my horrible credit at that time. Consequently, not knowing the ramifications of a Quit Claim Deed I signed it so we could get the house in Idaho. Now my husband and I are most likely getting a divorce and I wonder what my rights are regarding this property.