A Quit Claim Deed (incorrectly referred to as a quick claim deed) is a type of Deed that transfers property from a Grantor (current owner) to another party (Grantee) with no warranty of title. A Quit Claim Deed relieves the Grantor of any liability regarding the ownership of the property, whereby this party is not liable to the Grantee for any future claims to title ownership. A Quit Claim Deed does not guarantee the current owner has clear title to the property. Rather, this instrument simply transfers/relinquishes ‘whatever’ interest they have in and to the property.
This type of Deed is primarily used to transfer property between family members, correct a clouded title, or transfer property to a Family Trust or Land Trust. A Grantor gives title to a Grantee, but what are the ways title can be accepted?
Ways a Grantee can accept title:
- Tenants in Common – probate will be needed if a title holder passes away
- Joint Tenants with Full Rights of Survivorship – no probate needed, as remaining title holder(s) take over decedents interest (Death Certificate needed)
- Tenants by the Entireties (husband and wife) – no probate needed, as surviving spouse takes over deceased spouse’s interest (Death Certificate needed)
- Transfer to Trust – no probate needed, as the Trust dictates successor trustees/beneficiaries
- Transfer to LLC or Business – the company operating agreement dictates succession of ownership
- Lady Bird Deed (Enhanced Life Estate Deed) – no probate necessary, as the Grantor retains the right to live in the property until their death – at which point the beneficiary (remainderman) takes over title to the property. A Lady Bird Deed allows the Grantor to retain the right to sell or mortgage the property, to cancel the Deed, to qualify for Medicaid benefits, avoid Federal gift taxes, and retain Florida homestead tax benefits. For more information on Lady Bird Deeds, click here.
Care must be given to the way a Quit Claim Deed is prepared in order to validate it’s acceptance by the State of Florida’s requirements. We ensure accurate identification of current owners needing to sign off, preparation, calculation of filing fees, and proper recordation of the instrument in the Public Records. Don’t go it alone and rely on other ‘do it yourself’ Deed sites. We understand the complexities of real estate transaction and stand by our product 100% to ensure our clients will have a great experience.
Common Uses of Quitclaim Deeds
Quitclaim deeds are common where there is a preexisting relationship between the Grantor (current owner) and the Grantee (one accepting title) or when no money is changing hands (when the transfer is without consideration). People often use quitclaim deeds to:
