When you are wanting to transfer ownership of a property or piece of real estate quickly, you might think about using a quit claim deed. Although this is not a great idea for real estate sales, it can be very handy in several situations. Here’s more about quit claim deeds and when you should use them.
What Is a Quit Claim Deed?
A quit claim deed, which is also sometimes called a quick claim deed, is a written document used to transfer the title of a property from one person to another. In this transfer, no research is done on the title. This means that the title transfer can happen at a faster pace, but it also means that you run the risk of signing papers with a person who is not authorized to transfer the title of the property to you.
Additionally, be aware that a quit claim deed can only transfer the owner’s portion to the recipient. For example, if two friends invest evenly in a piece of recreational property and one wants to sign his half over to his sister, that would make the sister a half-owner of the property. Now, she would co-own it with her brother’s friend.
Also, be aware that a quit claim deed does not transfer the mortgage or any loans against the property to the new owner. This means that if money is owed on a property and a quit claim deed is signed, the original purchaser is still responsible for payments for the property, even though it is no longer in his or her possession.
When Should I Use a Quit Claim Deed?
There are a couple of perfect instances for a quit claim deed. Here are just a few times when this document might be the best bet for you:
- A family member “sells” you a home or other piece of property;
- You got married and you want to add your spouse to the title of your property;
- You and your spouse are divorcing and you want to sign over your half of the house; or
- You want your home to be included in your trust.
How Do I Create a Quit Claim Deed?
With a little bit of help from a lawyer, quit claim deeds are easy to create and file. Your quit claim deed will include a legal description of the property, its county, the date of transfer, the names of the grantor (the person transferring the property) and grantee (recipient), and the amount paid. In some states, the signatures of both parties and witnesses are also necessary. Often, the grantor’s signature needs to be notarized.
Then, depending on where you live, you might need to file the document with the county clerk. After you file, everything is finalized and the property ownership is transferred.
Do You Need Help with a Quit Claim Deed?
If you need help creating or verifying the legality of an existing quit claim deed, Aguilera Law Center, P.A. can help. Our experts are happy to draft a legal document for you or review a document that has been presented by another party. Before you sign any document, you should have a lawyer look over it to ensure that it is valid and legally binding. Give us a call today at 305-255-FIRM or contact us online.