{"id":6528,"date":"2025-05-18T07:06:19","date_gmt":"2025-05-18T11:06:19","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6528"},"modified":"2025-05-18T07:06:22","modified_gmt":"2025-05-18T11:06:22","slug":"quitclaim-deeds-and-senior-homeowners-convenience-with-caution","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/quitclaim-deeds-and-senior-homeowners-convenience-with-caution\/","title":{"rendered":"Quitclaim Deeds and Senior Homeowners: Convenience with Caution"},"content":{"rendered":"\n
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When someone wants to know which kind of document makes it easy to pass real estate ownership, the quitclaim deed<\/em> comes to mind. Convenient? You bet.<\/p>\n\n\n\n

And quite often, this convenient document is the senior\u2019s deed of choice. This is because so many seniors decide, at some point in their lives, to transfer their homeownership to someone they care about.  <\/p>\n\n\n\n

Sometimes, a quitclaim\u2019s simplicity brings potential pitfalls that deed holders would want to avoid. So, let\u2019s take a look at what seniors may want to think about before they create the quitclaim deed<\/a>.<\/p>\n\n\n\n\n\n\n\n

Why Caution Is Advised<\/h2>\n\n\n\n

A quitclaim deed passes an ownership interest<\/em> in a piece of property to someone else. Unlike the warranty deed<\/a>, a quitclaim does not <\/em>assure the next deed holder of a free and clear title. In fact, it only transfers what the transferor owns \u2014 which could be nothing!<\/p>\n\n\n\n

Quitclaims do prove handy among loved ones. A deed recipient who\u2019s familiar with the home might not need a title agent to give them peace of mind about the title history. In most jurisdictions a recorder of deeds will simply record a quitclaim deed<\/a>, not<\/em> investigate its validity.<\/p>\n\n\n\n

So, deed holders need to grasp the potential for a quitclaim deed to be the subject of fraud or misuse. Or quitclaiming can simply be a mistake \u2014 if another form of transfer would\u2019ve been more advantageous.<\/p>\n\n\n\n

\u201cIn case something happens to me\u2026\u201d Sometimes, a senior will <\/strong><\/em>give a deed to someone else to hold<\/em><\/strong><\/a> \u2014 to be recorded only after the homeowner\u2019s death.\u00a0Don\u2019t be that senior.<\/strong><\/em><\/p>\n\n\n\n

Family Matters: Consulting the People Involved<\/h2>\n\n\n\n

It\u2019s a wonderful idea to be sure everyone involved (or might believe they should <\/em>be involved) is on board with your plans. Preparing people is the better way to safeguard family harmony. And be sure your recipient can deal with the gift of homeownership.<\/p>\n\n\n\n

Your chosen recipient is, of course, allowed to refuse the deed<\/a>.<\/p>\n\n\n\n

Also, talk through your reasoning to transfer the title now, rather than through your will. Using a will allows for a \u201cstepped up\u201d cost basis. If your recipient wishes to sell the home, that\u2019s a benefit because it reduces capital gains tax on a real estate sale.<\/p>\n\n\n\n

Not that your options are limited to either a quitclaim deed or a last will. A popular alternative is the living trust<\/em>. Many homeowners do use the quitclaim deed to put property into trusts<\/a> (or into family-run businesses).<\/p>\n\n\n\n

Dangers of Quitclaiming in Certain Scenarios<\/h2>\n\n\n\n

Scammers<\/a> abuse quitclaims.<\/p>\n\n\n\n