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
Before we were married, my fiancee signed a quit claim as joint tenants. He is now deceased. We never had it recorded at the time in 2004. Is it too late for me to record it now. He has two children by a previous marriage.
Hi,
Sad to hear about your fiancée's death. Let's hope that his soul rests in peace.
Coming to your query, if a person has joint tenancy form of ownership on a property, his share of interest directly passes on his survivors on his death. So, the survivors of your fiancée will receive his share in the property.
Regarding the quit claim, I feel it should have been recorded earlier but since you haven't, it's better if you can enquire on this issue from an attorney or any official at the Office of the Register of Deeds or County Recorder as it is named in your state.
Thanks,
Caron.
Sad to hear about your fiancée's death. Let's hope that his soul rests in peace.
Coming to your query, if a person has joint tenancy form of ownership on a property, his share of interest directly passes on his survivors on his death. So, the survivors of your fiancée will receive his share in the property.
Regarding the quit claim, I feel it should have been recorded earlier but since you haven't, it's better if you can enquire on this issue from an attorney or any official at the Office of the Register of Deeds or County Recorder as it is named in your state.
Thanks,
Caron.
My brother in law bought a house with his wife on 1995 , today they going thru a divorce and the house in under a Quick Claim deed with both husband and wife on the deed, Is he allow to receive 50% of his shares on this property if they sell it?
Hi Lourdes,
The court will fix in which ratio the share of the house will be divided after considering many other factors into their decision. It might be that the divorce decree will divide the share in equal half also.
If they both mutually agree to sell it then they can decide upon keeping 50% value out of the sale.
The court will fix in which ratio the share of the house will be divided after considering many other factors into their decision. It might be that the divorce decree will divide the share in equal half also.
If they both mutually agree to sell it then they can decide upon keeping 50% value out of the sale.
yeah, I also think that the divorce decree will mention in what ratio the property will be divided among your brother and his wife.
If a mother co-signs with her daughter on a new loan since the daughter has a low credit score, can the mother do a quitclaim at closing or shortly thereafter and be released from liability?
Can a person co-sign for a home mortage then turn around and quitclaim themselves out of the deal?
Hi,
"If a mother co-signs with her daughter on a new loan since the daughter has a low credit score, can the mother do a quitclaim at closing or shortly thereafter and be released from liability?
Can a person co-sign for a home mortage then turn around and quitclaim themselves out of the deal?"
No, quit claim deed does not remove a person from the loan. The mother can request the lender for a Novation. But I don't think this is possible at the time of closing. The daughter has to start making monthly payments and after this goes on for quite some time, the mother can talk to the lender over this issue.
However, if the mother has her name on the title to the property along with the daughter, she can ask her daughter to refinance the loan in the latter's name only. This should be done after the daughter's credit score improves as otherwise she cannot qualify for better rates.
Regards,
Jessica.
"If a mother co-signs with her daughter on a new loan since the daughter has a low credit score, can the mother do a quitclaim at closing or shortly thereafter and be released from liability?
Can a person co-sign for a home mortage then turn around and quitclaim themselves out of the deal?"
No, quit claim deed does not remove a person from the loan. The mother can request the lender for a Novation. But I don't think this is possible at the time of closing. The daughter has to start making monthly payments and after this goes on for quite some time, the mother can talk to the lender over this issue.
However, if the mother has her name on the title to the property along with the daughter, she can ask her daughter to refinance the loan in the latter's name only. This should be done after the daughter's credit score improves as otherwise she cannot qualify for better rates.
Regards,
Jessica.
I'm close to foreclosure, however a friend wants to quick deed my property, who is responsible for the mortgage payments and property taxes after the quick claim?
Hi Elsa,
Even after you quit claim your property to your friend the mortgage will still be in your name. Quit claim won't transfer the home loan, for that the loan needs to be refinanced in your friend's name or a novation needs to be done to transfer the loan.
Even after you quit claim your property to your friend the mortgage will still be in your name. Quit claim won't transfer the home loan, for that the loan needs to be refinanced in your friend's name or a novation needs to be done to transfer the loan.
What is a novation?
In novation lender agrees to transfer the mortgage in the name of the other person with the same terms that were given to the previous borrower.
Hi Elsa,
If your friend owns the interest in the property, then she will be responsible for the property taxes after the quit claim. But the loan payments should be made by you as your name is still on the loan.
Thanks,
Sara
If your friend owns the interest in the property, then she will be responsible for the property taxes after the quit claim. But the loan payments should be made by you as your name is still on the loan.
Thanks,
Sara
Hi Elsa,
If you do a novation, you will be able to assign the responsibility of paying off the loan to some other person. It will be no longer your liability to pay down the home loan. But the lender needs to be informed that you wish to do novation. If he agrees, then only you can go for it.
You can get a clear idea about Novation from the previous discussions at http://www.mortgagefit.com/discuss/about2128.html and http://www.mortgagefit.com/discuss/about2085.html .
Thanks
If you do a novation, you will be able to assign the responsibility of paying off the loan to some other person. It will be no longer your liability to pay down the home loan. But the lender needs to be informed that you wish to do novation. If he agrees, then only you can go for it.
You can get a clear idea about Novation from the previous discussions at http://www.mortgagefit.com/discuss/about2128.html and http://www.mortgagefit.com/discuss/about2085.html .
Thanks
Hi Elsa,
Even if you have quit claimed your property, you are still responsible for the payments as the loan is still in your name. If your friend is only on the title, he should pay the property taxes. Or else, if you add your friend's name to the title through quit claim, then both of you should pay property taxes for the share of interest each of you have in the property.
Thanks
Even if you have quit claimed your property, you are still responsible for the payments as the loan is still in your name. If your friend is only on the title, he should pay the property taxes. Or else, if you add your friend's name to the title through quit claim, then both of you should pay property taxes for the share of interest each of you have in the property.
Thanks