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EXAMPLE OF A QUIT CLAIM DEED COMPLETED FULL

However, in many states the quitclaim deed still includes a recital wherein at least one dollar must be exchanged to transfer real property.

It may be that the transfer doesn't involve any money at all, which is often the case if you're merely clearing title among joint owners of property or family members.

You also must address the amount of money changing hands.

So if you date your quitclaim deed before you've actually acquired any interest in the property, you will retain that interest and the quitclaim deed won't transfer anything.

Most states do not allow you to transfer an interest you don't acquire until after the date of the transfer.

The quitclaim deed in and of itself does not make the grantee responsible for that mortgage. This means if you have a mortgage on the property, you typically are still responsible for that mortgage unless you make other arrangements.

Keep in mind that a quitclaim deed only transfers any interest you have at the time of the transfer.

X Research source X Research source X Research source However, in some states you'll need to note whether mineral rights are included. A quitclaim deed simply transfers any interest you have in the property – even if you have no interest at all.

A quitclaim deed also may not be the appropriate document if you are actually selling the property and a significant amount of money will be changing hands.įill in information about the transfer.In that situation, the other party may want a little more of a guarantee that they're getting exactly what they think they are.On the other hand, if the person to whom you're transferring the property is under the impression that you have a particular ownership interest in the property, a quitclaim deed may not be the right vehicle of transfer.For example, if there's some question as to whether you might have a claim to the property as a result of some confusion in the current owner's estate documents, but you don't want the property, you might use a quitclaim deed to negate any possible claim the probate judge decides you have in the property.You may have no interest at all, and that may match the intent of the transfer.

Keep in mind that a quitclaim deed comes with no guarantee regarding the ownership interest you may have in the property.Quitclaim deeds are most frequently used between family members or co-owners of property who are already familiar with the property itself as well as with each other. Any questions regarding the transfer of property taxes and future tax liability should be directed to an accountant or tax professional.Ĭonfirm you're using the right kind of deed.If you're unsure about the tax status of the property, you can check the county recorder or tax assessor's records for the property, or look on the most recent property tax statement.

EXAMPLE OF A QUIT CLAIM DEED COMPLETED FULL

However, if you paid the property taxes on the property, you'll have to make sure the taxes are paid in full up to the date of the transfer, and that the tax liability is transferred appropriately.If that is the case, tax statements typically will continue to be sent to the person to whom they've been sent in the past.Transferring your interest in the property may have nothing to do with property taxes, particularly if someone else was already paying the property taxes on the property.Transferring property doesn't necessarily transfer the tax obligation, and in most states the property taxes must be up to date if you want to transfer any interest in the property.