With a quitclaim deed, you literally quit whatever claim you have to the property — hence the name — and transfer it to someone else. Quitclaim deeds are the most common way to transfer property among family members when money doesn’t change hands, or gift property to someone.
Can I quitclaim deed my home?
Filing a quitclaim deed is a right of any property owner. You can file a quitclaim deed without refinancing your mortgage, but you are still responsible for the payments. Transferring the mortgage without refinancing is possible through an assumption of the loan, which requires lender approval.
Where do I fill out a quitclaim deed form?
Completing a quitclaim deed requires having the correct information about the people involved, as well as the address of record of the property being transferred. The document must be notarized and recorded at the county recorder’s office.
Can a quitclaim deed be used to give a home to a child?
The Internal Revenue Service scrutinizes transactions involving parents, their homes, and quitclaim deeds of those homes to their children. A quitclaim deed can be used to give your home to others by literally “quitting” your ownership claim in the home.
Can a property be transferred with a quitclaim?
Transferring property by quitclaim is simple to do. Yet it can lead to unintended consequences if certain aspects of the transfer go unnoticed or misunderstood. And those consequences are not so simple to undo. The integrity of a chain of title matters, and every deed should be handled with care.
What happens if I quitclaim the title to my home?
This means that if the grantor is still living in the home, as some parents do who quitclaim the title to their children, that grantor could lose his home if the children decide to sell the property. Additionally, if there is a mortgage, the grantor is still financially responsible for the payments, not the grantee.
