why did the estate lawyer make me a quit claim deed?

Quit claim deeds are designed to expedite things and make them simpler. Rather than having to go through a lengthy transfer process should you go through a divorce, for example, signing a quit deed lets one person take over the mortgage and ownership very quickly.

Full Answer

Do I need a lawyer for a Quit Claim Deed?

Apr 28, 2022 · A quitclaim deed is a legal document that transfers your ownership in a piece of real property to someone else. There does not need to be any sale involved to transfer the ownership. Quitclaim deeds can sometimes be used as part of an estate plan, but using them for this purpose is generally not a good idea.

How does a quitclaim deed affect a mortgage?

Feb 05, 2020 · 1. Transfer property between family members. Quitclaim deeds are most commonly used between family members or people who trust each other, since there is a level of risk when you don’t know all the details about the property. Think of a quitclaim deed as a transaction without a verification for what you’ve purchased.

When to file a quitclaim deed if the original owner is deceased?

Dec 05, 2021 · Quitclaim deeds are common in inter family transfers of real estate. They common when family members want to avoid the costs of title insurance or attorney fees. They’re also commonly used when moving property in and out of a trust, such as during a bank refinance. Banks typically do not loan to trusts.

How long is a quitclaim deed good for in Michigan?

Do you pay taxes on a quitclaim deed in Florida?

What is a quitclaim deed in Ohio?

How much does it cost to file a quit claim deed in New York?

What are the disadvantages of a quit claim deed?

What happens after a quit claim deed is recorded?

How much does a quit claim deed cost in Ohio?

How do I get a quit claim deed in Ohio?

How do I do a quit claim deed?

How does a quit claim deed work in Georgia?

What type of lawyer handles deeds?

What is quit claim deed Florida?

What Is A Quitclaim Deed?

Normally, something called a "grant deed" or "warranty deed" is used to convey title to a particular property or parcel of land. In exchange for a...

When It's Appropriate to Use A Quitclaim Deed

Given all of this, why would anyone want to use or accept a quitclaim deed?The simplest situation in which a quitclaim deed is useful is for transf...

Quitclaim Deed Requirements

Each state's laws contain specific requirements for completing a quitclaim deed. Most every state requires the following information on the documen...

Quitclaim Deeds Are Not Reversible

Once a quitclaim deed has been signed and delivered, the grantor no longer owns the property. The transfer is final and cannot be reversed unless t...

Questions For Your Attorney

1. Should I accept a quitclaim deed if I’m buying a house? 2. I’m getting divorced. Does signing a quitclaim deed remove me from the mortgage? 3. C...

Can you use a quit claim deed for real estate?

A quitclaim deed can be risky since there’s no warranty or guarantee that the person transferring the property has the legal right to do so. Only use quit claim deeds with people you know and trust, like family members. Quitclaim deeds shouldn’t be used for real estate transactions since the buyer isn’t protected.

What is a quit claim deed?

A quitclaim deed is a non-warranty deed , which offers no protections or warranty of the title . While a grantor can transfer property to another person with this type of deed, there are no guarantees that the grantor had the right to do this in the first place. A mortgage makes a house your own.

Can a quitclaim deed be a warranty?

A quitclaim deed however doesn’t come with such a warranty. The property passes between two people without any guarantees about the property or details about its ownership. The grantor of a quitclaim deed is not liable for anything.

Can a quitclaim deed be transferred?

The property passes between two people without any guarantees about the property or details about its ownership. The grantor of a quitclaim deed is not liable for anything. They make no promises that the property can be transferred, that there aren’t other interested parties involved or liens on the property .

What is the grantor of a deed?

When discussing property deeds, there are a few terms to keep in mind. The grantor is the person transferring property and the grantee is the person receiving the property . When you hear the word title it just simply means ownership of the property — deeds convey titles, meaning that deeds convey ownership.

What is the difference between a quitclaim deed and a general warranty deed?

A general warranty deed provides the most security, while a special warranty deed or grant deed provides slightly more limited protections. A quitclaim deed is a non-warranty deed , which offers no protections or warranty of the title. While a grantor can transfer property to another person with this type of deed, ...

Can a grantor transfer a deed to another person?

While a grantor can transfer property to another person with this type of deed, there are no guarantees that the grantor had the right to do this in the first place. A mortgage makes a house your own. Insurance protects it. Policygenius can help you find a homeowners insurance policy that fits your needs and your budget.

What are the factors that affect a quitclaim deed?

To avoid undesirable consequences, a party contemplating a quitclaim deed transaction should consider the following issues: 1. No Property Interest. A seller who does not possess a valid interest in certain property cannot transfer an interest in that property by quitclaim deed. Id.

What is quitclaim deed?

Quitclaim deeds are often viewed as quick, easy mechanisms for transferring title in real property from one party to another. However, if the parties fail to properly consider all relevant issues, a quitclaim deed transaction may have undesirable consequences. Fortunately, many of these consequences can be avoided by hiring an experienced real ...

Why does a deed not have covenants of title?

Because the deed contains no covenants of title , the owner does not guarantee the property interest conveyed to the recipient is valid or free from encumbrances. Id. Therefore, if problems with the title arise, the recipient has little recourse against the owner. Id.

Can a seller transfer an interest in a property by quitclaim deed?

A seller who does not possess a valid interest in certain property cannot transfer an interest in that property by quitclaim deed. Id. In this situation, the purchaser risks paying for the property without receiving valid title to the property in return.

Can a seller transfer a property interest?

No Property Interest. A selle r who does not possess a valid interest in certain property cannot transfer an interest in that property by quitclaim deed. Id. In this situation, the purchaser risks paying for the property without receiving valid title to the property in return.

Different types of deeds for transferring property ownership

Before we look at quitclaim deeds, we want to understand the three primary types of deeds used for changing ownership.

What is the purpose of a quitclaim deed?

Quitclaim deeds are common in inter family transfers of real estate. They common when family members want to avoid the costs of title insurance or attorney fees. They’re also commonly used when moving property in and out of a trust, such as during a bank refinance. Banks typically do not loan to trusts.

Repercussions of a quitclaim deed

Because quitclaim deeds can be so easily created, and recorded by anyone, they can be problematic. Normally, deeds recorded by title companies have a stamp identifying the title company responsible for creating and recording the deed.

Does a quitclaim deed remove me from the mortgage?

There was a common scenario during the Great Recession done by people in foreclosure. They assumed that if they signed a quitclaim deed over to someone else, they were no longer responsible for the mortgage. Others attempted to use quitclaim deeds to cloud title and try to prevent foreclosure .

How to be removed from a mortgage

There are very few ways to be removed from a mortgage without paying it off One way, is to work with the bank to attempt a Deed in Lieu. A Deed in Lieu, is a special deed that transfers ownership of the property to the bank. In a Deed in Lieu, the borrower gives the lender the home, and the lender removes the borrowers mortgage.

Selling a home with a quitclaim deed

Selling a home with a quitclaim deed is perfectly legitimate. However, if you understand the problems it creates for re selling the home, you can quickly see why it can create problems for the buyer in the future. You may truly own the property, and it may be free of liens and encumbrances.

Conclusion

In summary, the problem is not quitclaim deeds by themselves. It’s the lack of title insurance when seller’s transfer title between different parties that often accompanies quitclaim deeds. The same could be true even if a grant deed or warranty deed were used to transfer ownership, but without obtaining title insurance.

Why do you need a quit claim deed?

The simplest situation in which a quitclaim deed is useful is for transfers where the property is being given to someone else, rather than being sold. For example, parents may quitclaim a property to their children when they move to an assisted living center, or for various financial reasons.

What is the legal description of a quit claim deed?

legal description of the property. county name where the property is located. signature of a notary public, and. grantor’s signature. In some states, the grantee must also sign the quitclaim deed. A few states, such as Florida and Georgia, also require the signatures of witnesses before the deed can be recorded.

What is a deed in real estate?

Deeds are legal documents that transfer ownership of real property from one party to another. The real property in question could be a vacant parcel of land, a mobile home, an apartment, or even a large factory. There are several different types of deeds used for real estate transfers, each of which conveys a different type ...

What is a warrant deed?

Normally, something called a "grant deed" or "warranty deed" is used to convey title to a particular property or parcel of land. In exchange for a fixed amount of money, the seller agrees to give good title to the buyer.

What does "good title" mean in a property sale?

“Good title” in this context means that the seller actually owns the parcel; the buyer won’t move any furniture into the house, only to have a third party suddenly emerge and claim to be the true owner.

Can a buyer sue a seller for a warranty deed?

A buyer who was given a grant deed or warranty deed in the above scenario would likely sue the seller for fraudulent misrepresentation, among other claims. After all, the seller promised good title to the property. A quitclaim deed is quite different.

Can a quitclaim deed be full title?

That interest could be full title, or it could be absolutely nothing . A quitclaim deed passes only such right, title, and interest as the grantor has at the time of making the deed. Put differently, the grantor makes no warranties, guarantees, or promises about the property.

What is a quit claim deed?

Basically, Quitclaim Deed is a method used to transfer the interest that you have in a property such as your home or land, to another person. The deed is simply the transfer of interest and does not guarantee the ownership rights of the property.

What is a deed in real estate?

The deed is simply the transfer of interest and does not guarantee the ownership rights of the property. This may depend on weather you possess a life estate, which allows having the right to stay with the property until your death.

Can a quit claim deed be challenged?

It's usually a very straightforward transaction, but it's possible for a quitclaim deed to be challenged. If a quitclaim deed is challenged in court, the issue becomes whether the property was legally transferred and if the grantor had the legal right to transfer the property.

How does a quitclaim deed work?

A quitclaim deed is sometimes used to avoid probate court by transferring an interest in real property before someone's death. The property is transferred by deed during their life, instead of being transferred by a will after the grantor's death.

When to use quitclaim deed?

It is most commonly used when ownership rights in a property are transferred among family members. In a divorce, a quitclaim deed is a way to transfer ownership in property between divorcing spouses. For example, the spouses owned the marital home together.

Can you add spouse B to a quitclaim deed?

After marriage, they add Spouse B as an owner by using a quitclaim deed, transferring ownership from themselves to themselves and their spouse. A quitclaim deed is not needed if there is a mortgage. The mortgage can remain in Spouse A's name.

Do you need a quitclaim deed for a mortgage?

A quitclaim deed is not needed if there is a mortgage. The mortgage can remain in Spouse A's name. A quitclaim deed is sometimes used to avoid probate court by transferring an interest in real property before someone's death. The property is transferred by deed during their life, instead of being transferred by a will after the grantor's death.

Can a challenger claim a deed that was forged?

A challenger could claim that the grantor didn't actually sign the deed or that it was forged. Once a quitclaim deed has been recorded in the county clerk's office, it becomes more difficult to challenge, since the transfer has already occurred. The person challenging the deed has the burden of proving it was falsified or not legally executed.

Can you challenge a quit claim deed?

Once a quitclaim deed has been recorded in the county clerk's office, it becomes more difficult to challenge, since the transfer has already occurred. The person challenging the deed has the burden of proving it was falsified or not legally executed. If you are facing a quitclaim deed challenge, you should talk to an attorney.

When to use a quit claim deed?

When to use a quitclaim deed. Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse’s name to the title or deed, or when the owners divorce and one spouse’s name is removed from the title or deed. In other cases, a quitclaim deed can be used ...

Does a quit claim deed affect the mortgage?

It is important to recognize that a quitclaim deed impacts only the ownership of the house and the name on the property deed or title, not the mortgage. For instance, in the case of a divorce, if both ex-spouses’ names are on the home mortgage loan, they are both still responsible for the mortgage payments, even if a quitclaim deed has been filed.

Do you have to sign a deed when selling a house?

If you are selling your home now, you may not remember that you signed and received a deed when you purchased your property, such as a warranty deed or quitclaim deed. The particular real estate deed provides proof of ownership for the buyer and transfers the title or deed to you, regardless of who the property owner (or co-owner) was before you.

Do you have to record a quit claim deed?

Not all states require you to record a quitclaim deed, but it’s wise to have the deed signed by the grantor and grantee and notarized in front of a notary public, then copied and recorded at the county recorder or county clerk’s office. Michele Lerner writes about real estate, personal finance, and business news.

What is warranty deed?

Warranty deed: Used in most real estate sales transactions, this deed says that the grantor (previous owner) is the owner of the property and has the right to transfer the property to you (the grantee). In addition, the deed serves as a statement that there are no liens against the property from a mortgage lender, the Internal Revenue Service, ...

3 attorney answers

Mr. Tupitza is spot on. Back in property class in law school, we all learned a basic principle: "No one can transfer more of an interest in property than one has."

Joseph M. Masiuk

Attorney Schwager is absolutely correct. The proper deed is a warranty deed with executor's covenant. Let me explain why this is true. A quit claim deed is not really a deed and it does not convey an interest in real estate. It merely releases the interests, if any, of a party in the property.

James S. Tupitza

You should use an executor's deed to transfer the property out of the estate and into the names of the beneficiaries. It sounds as if you are not using an attorney to assist you, but it may be wise to engage one to help you with this.

Do quit claim deeds involve money?

Used often in divorces and property settlements, quit claim deeds do not involve monetary transactions, although money may be exchanged during the transfer of ownership. The deed itself is merely a legal statement that the person is no longer interested in owning the property under discussion.

What is a quit claim deed?

A quit claim deed is a legal document that states an individual who previously had ownership rights to a piece of property is willing to give them up, typically to another individual. Used often in divorces and property settlements, quit claim deeds do not involve monetary transactions, although money may be exchanged during the transfer ...

Why do people sign quit claim deeds?

Unfortunately, because they are so convenient and simple, quit claim deeds are subject to more fraud than many other types of legal documents. It's very, very common for quit claim deeds to be forged or otherwise falsified, either by someone who wants ownership of the property, or by someone who is just trying to simplify a complicated legal mess.

Can you dispute a quit claim deed?

Because they're so subject to falsification, quit claim deeds are also relatively easy to dispute. Should you find yourself faced with a deed that does not seem valid to you – either because you suspect fraud or because you believe the information on the deed is not factual or legal – you shouldn't hesitate to begin a legal dispute over it. Doing so is actually relatively simple and is not a complex, high-level process: it merely involves a great deal of research.