A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively and quickly passes a property on. No wonder these forms mistakenly get called “quick claim” deeds.
Yet quitclaims are not a good pick for most property conveyances. Read on to learn more.
Continue reading “Using a Quitclaim Deed: What Are the Drawbacks?”
A quitclaim deed transfers real estate to a new owner. A properly completed and recorded quitclaim cannot be undone. Here’s why — and what to do next if there’s a problem with the transfer.
Continue reading “Can a Quitclaim Deed Be Undone?”
Parting of the Ways
Co-ownership of a house can unwind in several ways. One way is through divorce proceedings. You might be wondering how this works, and what kind of decisions have to be made.
You might have questions about passing the home to your ex using a quitclaim deed. Here are some of the key issues that arise, and what steps need to be taken in each case.
Continue reading “Divorce, Property Division, and the Quitclaim Deed”
Using the Quitclaim to Keep a House Out of Probate
We’re glad you asked. You might have heard that a living trust can…
- Have your property bypass the costly, time-consuming probate court process when you die.
- Be modified if you change your mind, and even let you put the property back in your own name while you are alive.
- Name a successor trustee with the power to pass your property to whomever you designate as the new owner.
All of the above are reasons many people use this method of passing their property along after they die. And a home is a typical piece of property that people put into a living trust.
Importantly, a living trust is a revocable trust — it’s a trust you control during your life, and can change. Curious as to how it works? Here, we outline the basics of using a living trust to pass a lifetime home along to its future owner(s).
Continue reading “Can I Quitclaim My House Into a Living Trust?”
Adverse Possession Also Clarified
Congrats to Texas, where the government just gave a boost to
the quitclaim deed! People who receive their homes through recorded quitclaim
deeds will now be on firmer ground in the Lone Star State. Here’s what you need
Strengthening the Chain of Title for Texas Property
In May, a bill was signed into law to amend Chapter 13 of the
Texas Property Code, to take effect on Sep. 1, 2021. From now on, using a
quitclaim deed to transfer title from one owner to the next will be easier. Title
companies will be able to consider buyers who accepted and recorded quitclaims as
bona fide purchasers after four years. Texas formally set a four-year
statute of limitations for competing claims.
Once a quitclaim deed is recorded in the property’s county,
a later purchaser or lender has good-faith protection, as long as the party has
no knowledge of other unrecorded claims on the property. What does this mean
for buyers of real estate with a quitclaim in the chain of title? The buyer can
legally claim good faith purchaser status.
Continue reading “Texans Welcome New Guidance for Quitclaim Deeds”
When is a quitclaim a good way to transfer a whole or
partial interest in a home? In a simple transaction among familiar parties. Especially
where no money changes hands. No wonder quitclaim deeds are often used between
Here, we take a look at a variety of ways quitclaims can convey
property between partners in marriage.
Continue reading “Marriage and the Quitclaim Deed”
Usually, the quitclaim deed overrides the instructions
in a will. But the devil is in the details.
At age 60, Letitia bought her Sacramento home, as a sole
owner. Twenty years later, aged 80, Letitia went into a care home. Letitia subsequently
signed a quitclaim deed and gave the home to Jackson, the only one of
her three children who was not already a homeowner. Thanks to the modern
convenience of remote
online notarization, this was simple for Letitia to do.
homeowners use quitclaim deeds when the parties know the home’s history and do
not expect a title search. See more at: Transferring
a Deed Without a Lawyer? Here’s What You Should Know.
At age 84, Letitia passed away, survived by the three
children: Jae, Jasper, and Jackson.
Letitia left a will that appears to give 50% of the home’s
value to Jackson, with the other half divided equally between the other two
siblings. But Jackson is unwilling to give up any interest the home.
Continue reading “Will Versus Quitclaim: When There’s a Conflict, Who Owns the House?”
Are you considering using a quitclaim deed? It’s a
fast, simple, and reasonable way to transfer home ownership. It’s a good choice
in certain situations. What are those certain situations?
In contrast to warranty deeds, which are most often used in
regular home sales, a quitclaim would more likely be used:
family members. In this case, when the parties know the history of the
property and no title insurance policy is issued, quitclaiming can be done either
with or without expert help.
a divorce. A decree stating that one ex-spouse will keep the home doesn’t
actually transfer a home. Yet transferring ownership to an ex is easily done by
clear up confusion about ownership, including name changes. Quitclaiming to
clarify ownership can be achieved without expert help, but it’s often requested
by a title insurer.
a sale of a bank-owned house. If it will be the buyer’s responsibility to
make the title good, a quitclaim can be used in an REO auction.
place a home into an LLC. Some investor owners decide to transfer
properties into an LLC. A quitclaim deed is one way to do this.
Quitclaiming is a simple, because it can transfer ownership
of real estate without the need to examine current ownership or the chain of
title. Historically, the quitclaim has long been the go-to method of
transferring property while avoiding bureaucracy.
In that spirit, without further ado, here’s more on five top
reasons homeowners decide to use quitclaim deeds.
Continue reading “Using a Quitclaim Deed: Top 5 Reasons”
Quitclaims are sometimes used to transfer property interests
from one family member to another, or between divorcing
spouses. Parents might wonder if they should use quitclaims to pass
property to children to avoid the probate process. It’s easy enough to do. The homeowner
signs the document with a notary, takes it to the county recorder of deeds, and
has it recorded. Simple. No wonder adding
someone to a deed or relinquishing rights through a quitclaim is
often (mistakenly) called a “quick claim” deed. But what does the Internal
Revenue Service think?
Continue reading “Is a Quitclaim Deed Subject to Tax?”
A Quitclaim? No problem. It’s Common Practice Here —
and Safeguarding Your Title Is Straightforward.
Three major Massachusetts real estate deeds are commonly
used: the quitclaim deed, the warranty deed, and the release deed. In contrast
to most other places, Massachusetts home buyers receive their property through quitclaim
deeds. So, we need to delve into the use of the quitclaim deed in
Continue reading “Buying Property with a Quitclaim Deed in Massachusetts”