Quit Claim Deed

A quit claim deed allows the owner to sign over all ownership and financial interests in a property. For example, Sam can quit claim his interest in the Brooklyn Bridge to Ilyce. If he doesn’t actually own the Brooklyn Bridge, the quit claim would be worthless.

But if Ilyce quit claims her interest in her home to Sam, and she actually owns the property, then the quit claim deed would have value, and Sam would own the property. Once Sam owns the property, he can do with it what he wants. That’s why you have to take extreme care before executing a quit claim deed. A quit claim deed transfers any interest you may have in a property to someone else with no guarantee that there are no other claims against the property.

We have dozens of articles on quit claim deeds. Look below for our “Quit Claim Deed Articles” (bottom left column of this page) and our title insurance videos below (“Related”). Buy a Quit Claim Deed form from the ThinkGlink.com Store. (Click on Store tab above).

Quit Claim Deed Tax Implications: Selling House with Multiple Owners

Quit claim deed tax implications can come in many forms. Selling a house with multiple owners can be tricky when paying taxes. Q: I own a house with my brother that we bought for $243,000. We now plan to sell …

Continue reading

Posted in Quit Claim Deed, Selling | Tagged , , , | 1 Comment

Quit Claim Deed and Mortgage Responsibility: Getting Name Off Mortgage

Quit claim deed and mortgage responsibility don’t go hand in hand. Getting your name off the mortgage is possible when refinancing. Q: I did an act of donation on my house to my ex-husband. He is going to give me …

Continue reading

Posted in Divorce, Quit Claim Deed | Tagged , , | 3 Comments

Transfer on Death Deed vs. Quit Claim Deed | What’s the Difference?

Transfer on death deed versus a quit claim deed: what’s the difference? A transfer on death deed is not the same as a quit claim deed. Q: I have read many articles from you concerning quitclaim deeds. I have a …

Continue reading

Posted in Quit Claim Deed | Tagged , | 6 Comments

Getting a Quit Claim Deed After Divorce

Getting a quitclaim deed after divorce is necessary to remove a spouse’s name from the property title and mortgage.  Q: When I was married, my wife and I purchased a home with a VA loan. My wife and I later …

Continue reading

Posted in Divorce, Quit Claim Deed | Tagged , | 4 Comments

Using a Quitclaim Deed to Avoid Taxes

A quitclaim deed conveying the title of a home to a living trust can result in a stepped up basis when selling the home, but if it is unrecorded it likely will not be of any help. Q: In response …

Continue reading

Posted in Estate Planning, Quit Claim Deed | Tagged , , , | Leave a comment

Refinancing with Quit Claim Deed? Consider Other Options

If you are trying to refinance by using a quit claim deed, you should consider whether inheriting the property would be a better option. Q: We prepared and filed a quitclaim deed transferring my father’s house to me so we …

Continue reading

Posted in Quit Claim Deed, Refinance Mortgage | Tagged , , | 2 Comments

Does Signing a Quitclaim Release You From Your Mortgage?

When getting a divorce and signing a quitclaim, it is crucial to remember your home mortgage is separate from your property title. Q: I’m divorced and signed a quitclaim deed to my ex-wife. My ex-wife failed to make payments on …

Continue reading

Posted in Divorce, Foreclosure, Quit Claim Deed | Tagged , , | 1 Comment

How To Transfer Ownership of a Home

If you are living in a home purchased by a family member, but are making the mortgage payments, transfer the ownership of the home. Q: Eighteen years ago, my husband’s aunt bought a house for us to live in. The …

Continue reading

Posted in Mortgage, Quit Claim Deed | Tagged , | 1 Comment

Transfer Home Ownership to Family

How to transfer home ownership to a family member. Before transferring home ownership to a family member, talk with an estate planner and real estate attorney to determine the costs and savings.  Q: My brother and I own a home together. …

Continue reading

Posted in Property Taxes, Quit Claim Deed, Real Estate | Tagged , , , , , | Leave a comment

Transfer Property with LLC

Transfer property with LLC using a quitclaim deed. A property transfer with an LLC is not always the best solution for transferring inherited property. Property transfers with LLCs are better-suited for estate planning and would cause problems for most mortgage …

Continue reading

Posted in Investing In Real Estate, LLC, Quit Claim Deed, Real Estate | Tagged , , , , | Leave a comment