![]() ![]() In California, real estate sales typically use a grant deed instead of a general warranty deed. In Massachusetts, for example, a quitclaim deed provides greater guarantees than it does in some other states and is commonly used in property sales, while a release deed is similar to other states’ quitclaim deeds. Neither the seller nor the seller’s lender would accept a quitclaim deed because it wouldn’t offer enough protection for the rights they’re trying to acquire.īut deeds work differently in every state. In many cases, you wouldn’t use a quitclaim deed to transfer ownership if you sold your home to a stranger. However, a quitclaim deed might not be the right choice. You may want to use a quitclaim deed if you’re transferring your interest in a property to someone who trusts you, such as your child. Promises that the grantor has the legal right to transfer ownership Promises there are no third-party claims against the property, such as mortgages or tax liens, and the grantor promises to pay any such claimsĭoes not promise the grantor has the legal right to transfer ownership or that the grantor even owns anything That said, a transfer among family members may require a different type of deed, like a special warranty deed, and there are also important variations among states.ĭoes not promise there are no third-party claims against the property, such as mortgages or tax liens A lack of warranty might be acceptable in a property transfer between people who know each other well and trust each other, but it wouldn’t be acceptable among strangers. The property transfers as is, with no warranties. The grantor releases, or “quits,” their interest in (claim to) the property. The transaction involves a grantor-a person who owns and transfers the property-and a grantee, a person who receives the transferred property.Ī common use for a quitclaim deed is to transfer real estate among relatives. How Quitclaim Deeds WorkĪ quitclaim deed is a method for legally transferring real estate without selling it. You’ll need to follow some technicalities to make the transaction valid, and you’ll also want to make sure a quitclaim deed is the right instrument to accomplish your goals. Remember, only an attorney can give you legal advice on the far-reaching consequences of your actions.If you want to transfer your interest in a piece of real estate to someone you know, a quitclaim deed can be a fast and simple way to do it. But signing a quit claim deed at this juncture is not one of them, as it could cost your mother and your family thousands of dollars later. There are other ways that you can protect your mother’s ownership interest in the property. ![]() So placing the property in your mother’s name at her age is not a good idea. Most seniors are trying to get assets out of their name, not have assets placed in their name so that the government does not include a free and clear home. Specifically, the government looks to a senior’s assets (e.g., money, homes, cars) as a resource that could have been otherwise used to help pay for nursing home care. In this case, while deeding a free and clear home back to your mother seems to be the right thing to do, as a real estate and elder care attorney, the transfer of the asset into her name could affect her eligibility for Medicare benefits in the event your mother needs nursing home care later. Doing so without knowing the impact of the deed can have serious legal and financial consequences. But just because you can access and fill in a legal form on your own does not mean you should. Legal forms, such as quit claim deeds, are easily available for download on the internet. Should Online Forms be Used for a Quit Claim Deed? Unlike other types of deeds, it does not guarantee that the grantor even owns the property before they convey their interest. When the quit claim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient called the grantee. What is a Quit Claim Deed?Ī quit claim deed is a legal instrument that is used to transfer interest in real property. She now wants to prepare a quit claim deed, putting the home entirely in her mother’s name. Recently, when Susan was going through some documents, she found that the deed to the home in Wolverine Lake had Susan’s name on it only. They lived in the home together until this year, when Susan purchased her own home. Back in 2005, Susan and her mother purchased a small home in Wolverine Lake. ![]()
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