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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).

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.

Quit Claim Deeds And Mortgage Loan Cosigners

By | November 25th, 2008|

Can a quit claim deed be used to remove a cosigner on a mortgage? No, quit claim deeds affect property ownership interest only. Quit claim deeds will not take away responsibility for mortgage loan debt.

Quit Claim Deed May Determine Inheritance

By | November 12th, 2008|

How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.

Warranty Deed Or Quit Claim Deed To Transfer Title Of House

By | October 30th, 2008|

What's the best way to transfer title to a home? Options include using a warranty deed or a quit claim deed and it depends on where you live. It's important to consider estate planning needs when adding a name to the title. A warranty deed may provide added benefit by ensuring that title insurance protections continue on the property.

Quit Claim Deed Affects Cost Basis

By | October 17th, 2008|

How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.

Quit Claim Deed Can Split Community Property

By | October 4th, 2008|

How can you remove a co-owner from a mortgage loan? If you live in a community property state the situation may be treated differently. One option is to have the co-owner sign a quit claim deed. Another solution is to try to amicably separate first and if that does not work to contact a real estate attorney.

Property Inheritance Saves More Taxes Than Quit Claim Deed

By | September 25th, 2008|

Learn about property estate planning including repair and maintenance duties. Is using a quit claim deed or an irrevocable trust a better option? Inheriting property saves more on taxes than signing a quit claim deed.

Quit Claim Deed Transfers Real Estate Back Taxes?

By | September 19th, 2008|

A father transferred his home to his children using a quit claim deed, but he stopped paying the taxes. Now his children have been notified they're behind on real estate taxes and could lose the property. One child wants to sign a quit claim deed to transfer ownership back to the father. If they do sign the quit claim deed, will this shift responsibility for the real estate taxes?

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