What does quit claim deed

Here's what you need to know to file a quit claim deed in The Sunshine State. Determining whether an estate has assets that are not subject to probate can save you time and money.

Here are several types of assets that qualify as non-probate assets. Transferring Title With a Deed There are several ways to transfer real estate title. Do You Need a Quitclaim Deed? Creating a Quitclaim Deed To transfer title by quitclaim, a quitclaim deed form must be in writing to be valid. Ready to get your Quitclaim Deed?

Contents 3 min read Ready to get your Quitclaim Deed? About the Author Brette Sember, J. Related Topics. Facebook Twitter. This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of the author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law. You may also like. Estate Planning Basics Quitclaim Deeds: An Overview Quitclaim deeds are an easy way to convey property to another, but be careful, as there may be unknown title issues that may arise.

Estate Planning Basics Understanding the Transfer on Death Deed If you own real property and are looking for a way to avoid probate, you need to understand the benefits of a transfer on death deed. Because quitclaim deeds make no warranty about the quality of the grantor's title, they are best for low-risk transactions between people who know each other and typically involve no exchange of money.

Quitclaim deeds, therefore, are commonly used to transfer property within a family, such as from a parent to an adult child, between siblings, or when a property owner gets married and wants to add their spouse to the title.

Married couples who own a home together and later divorce also use quitclaim deeds. When one party acquires the home in a divorce settlement, the other may execute a quitclaim deed to eliminate their interest in the property and to comply with the court's decision. A quitclaim deed is often used to cure a defect a " cloud on the title " in the recorded history of a real estate title. Title defects include items such as issues with wording for example, on a document that does not comply with state standards , a missing signature such as that of a spouse , or failure to properly record real estate documents.

For example, if the name of a grantee is misspelled on a warranty deed placed in the public record, a quitclaim deed with the correct spelling can be executed to the grantee to perfect the title. As another example, assume a title search reveals that the spouse of a past grantor may have an interest in the property because they did not properly execute a past deed in the chain of title.

In this situation, the spouse of the past grantor can be asked to execute a quitclaim deed to the present owner, "quitclaiming" any interest they may have in the property. A quitclaim deed can convey title as effectively as a warranty deed if the grantor has a good title when the deed is delivered. It is the lack of any warranties, however, that make a quitclaim deed less attractive from a grantee's perspective. If the title contains a defect, for example, the grantee has no legal recourse against the grantor under the deed.

A quitclaim deed is often used if the grantor is not sure of the status of the title whether it contains any defects or if the grantor wants no liability under the title covenants. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.

Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property. In some instances, however, quitclaim deeds are used when the grantor has a mortgage.

In this case, the grantor remains liable for the mortgage even after ownership has transferred through the execution of a quitclaim deed. Quitclaim deeds transfer title but do not affect mortgages. This situation can become worse if the mortgage contains a due-on-sale clause , a common provision stipulating that the entire loan becomes due as soon as the title is transferred not just if the property is "sold" with an exchange of money, as the name "due-on-sale" would seem to imply.

Divorce is one of the main reasons to file a quitclaim deed, and this situation offers a good example of how these types of deeds work. If a divorcing couple jointly owns a home, the spouse who will not keep the home can sign a quitclaim deed, which then transfers their interest in the property to the spouse that has been awarded the home in the divorce proceedings.

Another common example is when one person passes their house to another relative. Parents can grant their house to their child without any expectation of receiving payment just by signing a quitclaim deed. Finally, you may have a case when there are issues with the title of a property that raises questions about whether another party may have ownership.

A lawyer may seek to have the individual sign a quitclaim so that they relinquish any possible rights, thereby avoiding potential problems and disputes later on. If you are looking to transfer a title by quitclaim, you will need a quitclaim deed form to exist in writing for the transfer to be considered valid.

Keep in mind that a quitclaim can be a dangerous way to transfer property if you don't know anything about the party transferring their property to you. You need to make sure that someone really has the rights to their property before signing it to you using a quitclaim deed.

As with any type of deed transfer, the only impact is on ownership. Deed transfers cannot change any mortgage that exists on the property. While a quitclaim deed removes an individual's name from the property title and removes that individual's right to property, it doesn't eliminate mortgage responsibilities.

A quitclaim deed removes a name but does not absolve that person from needing to pay off any debts they incur as the property's owner. The mortgage is a separate document from the quitclaim deed. This can come into play during a divorce. For example, if one spouse quitclaims their property to the other spouse, this doesn't remove either spouse's name from the mortgage — nor does it remove the responsibility to pay that mortgage.

You should work with an experienced lawyer if you are using a quitclaim deed to transfer or receive property in this way. Melissa started her legal career in Cincinnati, Ohio at the law firm of Frost Brown Todd where she served as an associate in the Corporate department doing healthcare transactions, securities, and general corporate work.

In , Melissa transitioned into her first in-house counsel role at GE Aviation. My Legal career hasfocused on representing businesses corporations and limited liability companies as general outside counsel. In this capacity, I have drafted a broad range of legal documents as well as analyzed proposed agreements drafted by the other party's attorney to the agreement for the pupose of determining the risks to which my client would be exposed.

I maintained the client's minute book if no one in-house was available for that task. Additionally, if rquested, I served as a general advisor to the client's executive offers and to its Board of Directors.

Skilled at executing corporate priorities, driving profitability by implementing goal-oriented processes to achieve revenue and productivity targets, and managing company litigation and outside counsel. Recognized for creating policies and practices to address ethical dilemmas and resolving misconduct.

Attorney creating plans and strategies to help individuals create, build, protect and pass on wealth. Keidi S. Carrington brings a wealth of legal knowledge and business experience in the financial services area with a particular focus on investment management.

Carrington is a graduate of Johns Hopkins University with a B. She is admitted to practice in Massachusetts and New York. Currently, her practice focuses on assisting start ups, small and mid size businesses with their legal needs in the areas of corporate and securities law.

Jim Slattery most recently served as General Counsel at Regional News Network, a large owner of broadcast television stations. You can obtain assurance with a Warranty Deed. Yes, to execute the Quitclaim Deed, the grantor needs to sign the deed in front of a notary public. In addition to notarization, some states also require witnesses to sign the deed. Once it has been signed, the deed should be filed with your local County Clerk or Registry Office.

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Canada United Kingdom Australia 0? Create Free Account. What are you looking for? JavaScript Required You are reading this message because your browser either does not support JavaScript or has it disabled. Quitclaim Deed QGlanding. What type of property is being transferred? Undeveloped land.