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 husband and I own a home together and he has some arrearage of child support. He is willing to sign a Quitclaim deed to give me his interest in the property. If we also sign a mortgage transfer agreement will that also take his name off of the mortgage and give me sole ownership of the property?
Hi Buka,
After a quit claim deed is used to transfer the home in your name, mortgage would have still remained in your husband's name but as you say that you will also get a mortgage transfer agreement to transfer the mortgage, your husband will not have any liability after that. And also you will have sole ownership of the house.
After a quit claim deed is used to transfer the home in your name, mortgage would have still remained in your husband's name but as you say that you will also get a mortgage transfer agreement to transfer the mortgage, your husband will not have any liability after that. And also you will have sole ownership of the house.
Hello, I bought a lighthouse from the gov't on a internet auction, the deed is in my (and my husbands) names and we have sold shares off to three other couples to be able to afford it. The four couples have set up a LLC and now we are trying to get the deed recorded with the County (Anne Arundel, MD). To get the deed recorded in the LLC name, I need the deed to say LLC, not me personnally, but the Gov't office isn't keen on rewriting the deed, can my husband and I write a quick claim deed from us to the LLC, referencing the gov't deed and then only have to record it once? We have been quoted recording fees of close to $3000, each time I would have to record the deed, I am really trying to not have to pay double!
Hi,
You can use a quit claim deed to transfer interest into the LLC you have formed.
For that you will have to file the deed at your county recorder's office for deeds by assigning yourself as the grantor and the name of the LLC being the grantee.
You can use a quit claim deed to transfer interest into the LLC you have formed.
For that you will have to file the deed at your county recorder's office for deeds by assigning yourself as the grantor and the name of the LLC being the grantee.
Hi Guest,
It is not difficult to transfer property from your name into your LLC's name. For this, you need to file a quit claim deed with the County Recorder's office (or office of the Register of Deeds) assigning your name as the grantor and the LLC's name as the grantee. But first of all, go to the local county office in order to get the documents. Also, find out if what documents they require and if they require anything else such as the Declaration of Value.
It will be a wise thing to consult a lawyer for the transfer to make sure that the transfer is carried out properly. Also, consult a tax advisor regarding tax issues related to the transfer.
Hope this information will help you.
Thanks
It is not difficult to transfer property from your name into your LLC's name. For this, you need to file a quit claim deed with the County Recorder's office (or office of the Register of Deeds) assigning your name as the grantor and the LLC's name as the grantee. But first of all, go to the local county office in order to get the documents. Also, find out if what documents they require and if they require anything else such as the Declaration of Value.
It will be a wise thing to consult a lawyer for the transfer to make sure that the transfer is carried out properly. Also, consult a tax advisor regarding tax issues related to the transfer.
Hope this information will help you.
Thanks
A condo we own is still in both of our names after a divorce 8 +yrs - NO mortgage.
Can I Quit Claim my ownership to our son without her signature ???
She would still remain on the deed.
Can I Quit Claim my ownership to our son without her signature ???
She would still remain on the deed.
Hi,
Yes you can transfer your share in your son's name and for that her signature will not be required. After that your son and your ex-wife will have the ownership of the condo.
Yes you can transfer your share in your son's name and for that her signature will not be required. After that your son and your ex-wife will have the ownership of the condo.
I am going thru a divorce and my soon to be ex. signed a quit claim deed to me for our land. He is now going thru a law suite, my question, "can my land be involved in the law suite?"
Hi Susie,
I don't think your land can be included in the lawsuit because your would-be ex husband has already conveyed the interest in the property to you through the quit claim deed. Once the property is transferred, he has no rights over it. But yes, if he wishes, he can take up any illegal means of getting back your property. Otherwise, I feel you can safely keep your home.
Thanks,
Sara.
I don't think your land can be included in the lawsuit because your would-be ex husband has already conveyed the interest in the property to you through the quit claim deed. Once the property is transferred, he has no rights over it. But yes, if he wishes, he can take up any illegal means of getting back your property. Otherwise, I feel you can safely keep your home.
Thanks,
Sara.
A piece of property is quit claim deeded 14 years ago and recorded but a clause was put into the quit claim deed "retaining a life estate". The property cannot be sold as long as this person "retaining a life estate" is alive. However, is this property subject to medicaid review if the person who quit claimed it is in a nursing facility and is applying for medicaid? The person who accepted this quit claim deed had it recorded 14 years ago is now paying taxes and upkeep on it. Will the governement expect the sale of this property to pay for medicaid loss? Why should the person maintaining this property invest time and money into the property if there is a chance this should happen? This property is not a primary residence. It is a summer home. Note: The quit claim deed was drawn up by an attorney and recorded 14 years ago. This is a father and son relationship.
Hi,
Kindly have a look at this page for the answer to your question:
http://www.mortgagefit.com/know-how/about5709.html
Thanks
Blue
Kindly have a look at this page for the answer to your question:
http://www.mortgagefit.com/know-how/about5709.html
Thanks
Blue
What is signing over the deed in lieu of foreclosure
Hi Elsa,
When a mortgage is in default and lender might foreclose then if the borrower has no other option left to avoid the start the foreclosure procedure, he can do a deed in lieu of foreclosure to give the property to the lender and avoid foreclosure.
T.Frost
When a mortgage is in default and lender might foreclose then if the borrower has no other option left to avoid the start the foreclosure procedure, he can do a deed in lieu of foreclosure to give the property to the lender and avoid foreclosure.
T.Frost
How long can I stay in the home if I do the deed in lieu of foreclosure
Hi Elsa,
A deed-in-lieu occurs when a borrower failing to carry on with home loan payments surrenders the property to the lender so that he can release him from the loan. As long as the deed-in-lieu is processed and until and unless it is recorded, you can stay in the home. Generally the process takes 90 days for its completion.
For any information on Deed-in-lieu or related issues, you can go through the resources collected by this community.
Thanks
A deed-in-lieu occurs when a borrower failing to carry on with home loan payments surrenders the property to the lender so that he can release him from the loan. As long as the deed-in-lieu is processed and until and unless it is recorded, you can stay in the home. Generally the process takes 90 days for its completion.
For any information on Deed-in-lieu or related issues, you can go through the resources collected by this community.
Thanks