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quit claim deed

A quitclaim deed is a document that transfers any interest you may have in a particular piece of property. If you have no interest, the quitclaim deed will transfer no interest. If you own the property outright, the quitclaim deed will transfer that ownership interest to the grantee. However, a quitclaim deed does not promise or represent to a grantee that you have any interest in the property.

  • Permalink

    Selling a House in Disrepair: Tax Implications

Selling a House in Disrepair: Tax Implications

By Ilyce Glink| 2019-10-25T15:58:06-05:00 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 [...]

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    How to Buy Out a Family Member’s Share of Investment Property

How to Buy Out a Family Member’s Share of Investment Property

By Ilyce Glink| 2019-02-11T14:45:35-06:00 January 28th, 2019|

How to buy out a family member’s share of investment property. A quit claim deed or warranty will do the trick, but each have their own benefits. Q: My wife and I, along with my brother and his wife, bought a vacation home in 2010. Each couple took half. The home is in California and [...]

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    Should You Have a Transfer on Death Deed, a Living Trust or Both?

Should You Have a Transfer on Death Deed, a Living Trust or Both?

By Ilyce Glink| 2018-07-13T15:15:49-05:00 July 13th, 2018|

Should you have a transfer on death deed, a living trust or both? For this reader, it may be best to pursue all options available to them. Q: My father signed a quit claim deed in 2008 for my mother to be sole owner of their mobile home. Now, in 2018, she put him as [...]

  • Permalink

    What Happens to a Quit Claim Deed When a Spouse Dies?

What Happens to a Quit Claim Deed When a Spouse Dies?

By Ilyce Glink| 2018-06-18T14:50:57-05:00 April 27th, 2018|

What happens to a quit claim deed when a spouse dies? It all depends on the type of deed transfer and their estate plans. Q: What happens if you and your wife own a home through a quit claim deed and the spouse dies? We live in the State of Maine. A: A quit claim [...]

  • Should you pay the mortgage and give your ex-spouse the house if he can't afford it?
    Permalink

    Ex-Spouse Can’t Pay Mortgage – Now What?

Ex-Spouse Can’t Pay Mortgage – Now What?

By Ilyce Glink| 2017-11-17T09:23:38-06:00 November 17th, 2017|

There are friendly and not-so-friendly divorces. But if your ex-spouse can't pay the mortgage because he lost his job, should you step forward and offer to pay off the remaining amount and give him the house just to be completely done? What's the price of being done? What would you do? Q: I have been [...]

  • quit claim deed mortgage responsibility name off mortgage
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    Quit Claim Deed and Mortgage Responsibility: Getting Name Off Mortgage

Quit Claim Deed and Mortgage Responsibility: Getting Name Off Mortgage

By Ilyce Glink| 2017-03-24T14:34:00-05:00 April 5th, 2013|

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 a fixed payment once he refinances the home. Is there a way to get my [...]

  • transfer on death deed not same quit claim deed
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    Transfer on Death Deed vs. Quit Claim Deed | What’s the Difference?

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

By Ilyce Glink| 2020-01-22T16:12:11-06:00 March 23rd, 2013|

Transfer on death deed vs. quitclaim 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 very specific question related to it. Does the IRS say the grantor is giving a gift to [...]

  • tax implications quit claim deed vs inherited property
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    Tax Implications of Quit Claim Deed: Better to Inherit Property

Tax Implications of Quit Claim Deed: Better to Inherit Property

By Ilyce Glink| 2017-05-10T15:42:51-05:00 April 22nd, 2011|

It's better to inherit property from your parents or family members rather than receiving it through a quit claim deed. The tax implications of receiving a property through a quit claim deed are much greater than inheriting a property. When estate planning, it's better to put the property in a will or trust, rather than transfer the property through a quit claim deed.

  • quit claim deed vs living trust
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    Quit Claim Deed vs. Living Trust

Quit Claim Deed vs. Living Trust

By Ilyce Glink| 2017-03-20T11:32:31-05:00 March 19th, 2010|


When deciding how to pass on property to loved ones, there are many choices. You can transfer property now using a quit claim deed. You can transfer property later using a will. Or, you can place your property in a living trust now and set forth your wishes for the disposition of your property in the trust. The living trust can then dispose of your assets upon your death avoiding probate court requirements and you can control the property you own while you are living.

  • quit claim deed warranty deed transfer property ownership
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    Quit Claim Deed Vs. Warranty Deed To Transfer Property Ownership From Father to Son

Quit Claim Deed Vs. Warranty Deed To Transfer Property Ownership From Father to Son

By Ilyce Glink| 2017-06-07T13:52:06-05:00 August 13th, 2009|

Quit claim deeds are a popular tool used by many, but in some cases a warranty deed is a better option. When a relative owns a home, should you quit claim that home to a child? Usually, you shouldn't use a quit claim deed to avoid estate planning issues. The better option is to work with an estate planner to determine whether you should keep the property, set up a trust or another mechanism to transfer property from a parent to a child. But usually it's not going to be a quit claim deed.

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