Deed: a legal instrument used to release one person's right, title or
interest to another without providing a guarantee or warranty of title.
Often used in divorce settlements, between family members to transfer property easily and quickly without need for in depth title search/warranty the deed isn't encumbered by any other person or entity.
Quickest easiest way to transfer property.
Quitclaim Deeds have existed as far back as 1755! Just as they were way back then, today they remain VERY SIMPLE 1-2 page forms.
Why use a Quit Claim Deed? Because sometimes people have a need to transfer property easily, without hassle. Need to convey (transfer) your interest in a property to someone else? The process is simple.
1) Fill out the state-appropriate Quit Claim Deed form
Generally only the Grantor (person/entity transferring the property) needs to sign. The Grantee (recipient of the property) generally doesn't need to sign. IF you intend to record the deed legally, it must be recorded IN the county where the property is located. There is no legal requirement to record a Deed, it is up to each party if they need/want it to be legally, formally recorded.
2) Record the Deed in the county where the property is located
Most counties now offer online recording of deeds. This is convenient and can often be done quickly, easily and entirely online instead of having to wait in line downtown at the recorders office. Property located in Miami-Dade County? We've used e-Docs Solutions and couldn't be happier. They are quick, make it super easy, and excellent with communication and email.
Quit Claim Deed cost???
The governing county where you are submitting it to, will charge a recording fee and doc stamp (tax) costs and possibly other small related county/office fees. If property is located IN Miami-Dade county, use the above calculator to figure out your doc stamps/fees to include while recording your Quit Claim Deed.
Keep in mind it's NOT a Warranty Deed. A Warranty Deed means research has been done to ensure no one else owns or can lay claim to the property.
And if for some reason they do, there is legal protection. In the case of a quit claim deed, there is no guarantee the title is clear and unencumbered.
For instance, if transferring a property from one family member to another, who is fully aware of who has owned the property and has full right of title, this could be a good legal vehicle to use, in order to transfer the property over. Easy, cheap, quick. It's the most common way to transfer property in a divorce situation.
Another drawback is that it does not release the owner/grantor from any monetary liability. Is there still a loan/mortgage on the property? Are there any liens?
The current owner will be responsible - so simply using a quit claim deed to transfer over property as a way to get out from under any debt owed, won't work.
Deed & Quit Claim Deed
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