Quit Claim Deed Archives | ThinkGlink
questions@thinkglink.com
TwitterFacebookLinkedinYoutube

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).

What Happens When a Will and a Quitclaim Deed Conflict?

By | October 29th, 2020|

What happens when a will and a quitclaim deed conflict? She quitclaimed her interest in the home when they split, but he never changed his will. Q: My friend prepared his will and specified that his house would go to his girlfriend. She had contributed money to the upkeep while they were together.  At the [...]

Does a Quitclaim Deed Override a Will?

By | August 28th, 2020|

Does a quitclaim deed override a will? This reader wants to know which document is used to determine who inherits the property of a friend who passed. Q: My friend filled out a will before she married her last husband. She owned a house and when she married she did a quitclaim deed with her [...]

How to Leave Property to a Child

By | December 17th, 2019|

How to leave property to a child. This reader wants her daughter to inherit her home, but doesn’t want her to have to go through probate. Q: I am a 77-year old widowed woman. I have a house with a mortgage that I purchased a little over a year ago.  At the closing, I asked [...]

How Are Capital Losses Deducted?

By | December 13th, 2019|

How are capital losses deducted? This reader wants to know how to go about claiming long-term capital losses on income taxes. Q: My wife and I sold two adjacent properties via quit claim deeds this year. We originally bought the properties in 1994 for $20,000, ($10,000 each) as an investment. We thought we’d build rentals [...]

Selling a House in Disrepair: Tax Implications

By | October 25th, 2019|

Selling a house in disrepair: tax implications. This reader wants to know how selling a rundown family home will affect their income taxes. Q: I recently received title to a home from my brother by quitclaim deed. He purchased the home in 1982 from my parents who at the time were in financial trouble.  My [...]

Using a Quitclaim Deed to Put Property in Living Trust

By | August 2nd, 2019|

Using a quitclaim deed to put property in living trust. This homeowner has questions about signing a quitclaim deed to put property into her husband's living trust. Q: My husband used his inheritance to purchase our home outright. I signed a quitclaim deed to him to put the property into his living trust. The condition [...]

How to Transfer Ownership of a House with Unpaid Taxes

By | July 12th, 2019|

How to transfer ownership of a house with unpaid taxes. This reader's wife wants to transfer her joint tenancy ownership in a property with back taxes due. Q: My father-in-law transferred ownership in his house in Michigan to his four daughters as joint tenants before his death a couple of years ago. Now, my wife, [...]

Are Transfer on Death (TOD) Deeds Smart?

By | October 26th, 2018|

Are transfer on death (TOD) deeds smart? This reader wants to know if it’s a safe way to avoid costly probate for children after their death. Q: I am thinking of doing a transfer upon death (TOD) deed to avoid costly probate for my children. Is this wise and safe to do?  Would my heirs [...]

Quit Claim Deed: Does Last Survivor Own The Home?

By | December 19th, 2008|

Property owners often use quit claim deeds to transfer title to a property or home. If a quit claim deed names multiple people as property owners and they pass away, does that leave the last quit claim signatory as the property owner? Does someone become the sole owner of a home since a quit claim deed states that the owners have rights of survivorship? It might seem apparent that the last survivor now owns a property by oneself, the survivor should verify. You can hire a title company to verify the chain of title and ensure that you're the sole property owner.

Quit Claim Deeds and Mortgage Loans

By | December 17th, 2008|

Will a quit claim deed remove your name from the mortgage? No, quit claim deeds only remove your name from the house deed, not the mortgage. If you have a quit claim deed on your property, you're still liable for the mortgage but have no ownership rights.

see more posts

Archives

Recent Tweets