Quit Claim Deed Content Index - Page 1

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).

**Divorce Decree May Require Ex-Spouse To Refinance Mortgage** The current economic situation may cause a conflict between what a divorce decree requires and what a person is able to do. When the divorce decree requires an ex-spouse to refinance a property to remove the other ex-spouse from the mortgage but the financial condition of the person owning the home make it impossible for that spouse to refinance, what can they do?

**Divorce Decree vs. Quit Claim Deed** You get divorced. You refinance your home. Your ex-spouse gives you a quit claim deed. End of story? Not so, says this reader whose ex-spouse wants half of the proceeds from the sale of the home 13 years after the quit claim deed and and 14 years after the divorce. Does the divorce decree trump the quit claim deed? Does the quit claim deed trump the divorce decree? What should the ex-spouse get in this real estate problem.

**No Health Insurance Leaves Wife with Husband's Medical Bills And In Need Of Help** No health insurance coverage can saddle anybody with debts beyond any means of repayment. But when a loved on dies and leaves those medical debts, spouses and family members are left to pick up the pieces. Proper estate planning is a must to make sure debts can be paid after debt and that property assets go to the right people.

**Short Sale Process Problems Arise When Contractor Liens Home** Short sales, foreclosures and other purchases of real estate can always lead to problems. One risk in buying a home in foreclosure or from a seller in a short sale is that the seller or the bank owner had work done on the property and the contractor never gets paid. The contractor, in this case a painter, then files a contractor lien on the home and the subsequent buyer may get stuck with the bill.

**$8,000 First Time Home Buyer Tax Credit To Be Extended and Expanded** First time home buyers and others can celebrate soon. There's movement to extend and expand the first time home buyer tax credit. But wait, there's more. The new and improved home buyer's tax credit will be expanded to include higher income earners and existing home owners. The fragile real estate may have hit a jackpot as the expanded and improved tax credit was surely supported by the real estate industry and residential mortgage brokers. It's the new and improved home buyer tax credit.

Winterize Your Home And Get a Tax Credit. The IRS has advised taxpayers that the Expanded Recovery Act Tax Credit will help homeowners winterize their homes so they can save energy and save money at the same time. But the IRS cautions homeowners to check the tax credit certification before they buy winterizing tools.

**$8,000 First Time Home Buyer Tax Credit: Buying A Partially Inherited Home** The first time home buyer has restrictions on income. The first time home buyer tax credit requires you to live in the home for 3 years. Also, you can't have owned a home for the last 36 months. In addition, the first time home buyer tax credit has restrictions on who can sell you the home. If you are buying a home from a close relative, you won't qualify for the tax credit. But what if you inherit the home?

**Contractor's Liens and Foreclosures** Worried about contractor's liens? When you buy a foreclosure, check to see if there are any contractor's liens against the property that have survived the foreclosure. Often, the lender will wipe out all other subordinate liens, including contractor's liens, in the foreclosure process. But in some cases, those liens may still exist and be valid. If you suspect there might be other liens that will be filed against the property even after you close, be sure to purchase a title insurance policy with coverage over contractor's liens. You will want to have this insurance in place to have a title company cover the costs of litigation and the costs to remove the contractor's liens with the purchase of the title insurance even if you bought the property after a foreclosure.

**Transferring Home To Children When You Co-Own The Home With Them** Many parents want to transfer their home to their children during their lifetime, rather than wait until they have died and transfer the property by will. In some cases, transferring a home to a child when the parent is living may be a mistake. In other cases, if the planning is done right, the parent can get his or her wish of having the home pass on to the child during his or her lifetime without adverse tax consequences for the parent. When you co-own a home with your children, you need to be extra careful in the way you transfer your interest to them.

**Quit Claim Deeds and Divorce: Better To Refinance Mortgage After Divorce** Signing a quit claim deed upon a divorce can be a mistake. You are much better off refinancing the mortgage after the divorce than letting your ex-spouse control the home by giving him or her title to the home using a quit claim deed. There are other options at the time of the divorce other than a quit claim deed. Years later you may find out that you will be hurt because you gave a quit claim deed when you divorced and now your ex-spouse has incurred additional debts and has harmed your credit history and your credit score.