What is a Quitclaim Deed?
A quitclaim deed is a legal instrument used to transfer property from one person or entity (the grantor) to another (the grantee). It's effective when the grantor has clear legal rights to the property, and no liens or encumbrances are attached. As Estate Planning Lawyers, we typically utilize these types of deeds when we are extremely confident in the title history and ownership of the property. Such situations might include:
- Adding a name to the title, such as a spouse, parent or child
- Removing a name from the title, such as after a divorce
- Transferring ownership to a family member, such as a child, parent or sibling
- Transferring property interest to a business partner
- Amending minor or limited defects on the title, from a misspelling to a wrong address
- Transferring property you own to your Revocable Living Trust
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Are There Risks Involved with a Quitclaim Deed?
Yes, there are risks to be aware of. The main danger is that a quitclaim deed offers no warranties. This means the grantee has no protections if the grantor doesn't have the legal rights to transfer the property or if there are title issues. In such cases, the buyer may have to defend their ownership in court, which can be a lengthy and costly process. Title Insurance is always critical, especially when quit claim deeds are utilized.
What Should I Consider Before Accepting a Quitclaim Deed?
It's crucial to verify that the grantor truly owns the property and ensure there are no hidden liens, encumbrances or disputes on the title. Without these checks, you might find yourself in legal hot water, facing challenges to your property ownership.
Remember, it's always advisable to consult a knowledgeable attorney before engaging in transactions involving a quitclaim deed or other property transfer to protect your interests. Please consult our Tallahassee Estate Planning Lawyer to discuss what options might be available to you.
