How Long Is A Quitclaim Deed Good For?

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“You’ve searched for houses for a long time and finally found the one you like. After completing the buying process, one of the last steps is conducting a title search. You then require the seller to sign the deed for the property upon closing.”

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How Long Is A Quitclaim Deed Good For?

This legalizes the transfer of ownership. Warranty deeds are the most popular for these transactions. However, certain home sellers may opt for the Quitclaim Deed. What is the meaning of a quitclaim deed or/ How long is a quitclaim deed good for? Before you learn about quitclaim deeds, you need to understand what a property deed is and the purpose for which it serves.

 

What is a Quitclaim Deed?

A quitclaim deed (or quitclaim) is a legally binding document that transfers the estate or land ownership from one individual to another. They are generally called “quick claim” deeds because due to the speed of the transactions. Utilizing a quick claim deed does not require a title search or insurance. The title conveys the “as-is” state.

A quitclaim deed permits a property owner to transfer ownership to a different person through a legal contract. To complete the process, create a quitclaim deed form. It should include details about the property, the transfer date, and the names of the people transferring the title. The property’s original owner, the grantee, can then complete the deed form and make the transfer of ownership possible to the new owner, referred to as the grantor.

Quitclaim deeds usually need notarizing, and some states require a witness. The deed is then recorded with the local clerk to ensure the ownership change is officially recorded. The procedure may vary depending on the state where the property is located. However, this is typically the way a quitclaim deed operates.

 

Why You Need a Quitclaim Deed?

It is often used to transfer property between family members or spouses. In the case of separation, one of the spouses could create a quitclaim document to transfer the property’s ownership home legally.

Quitclaim deeds convert real estate assets into a Living Trust for Estate Planning. It is usually necessary to obtain trustee approval before transferring real property into the Trust to ensure that the quitclaim deeds will not affect existing mortgages. To know more, check out our article for the best way to move real estate assets into a Living Trust.

Quitclaim deeds are also used to swiftly reissue an actual property title in case of mistakes during an initial deal. The most common examples are spelling errors or signatures not on the title. You can fix these by using the quitclaim deed.

 

Quitclaim documents in California

How long is a quitclaim deed good for in Florida? In contrast to the warranty deed, the Quitclaim Deed does not give any assurances that the grantor is an owner of the property. The grantor only gives you what he has if he owns only a portion of the property; the grantor can only transfer his portion. Anyone can grant the quitclaim deed, but the deed has no value if the grantor doesn’t have the property. The person who gives a quitclaim deed cannot claim damages against the grantor, and thus, a quitclaim deed is extremely risky.

A grantor typically uses the quitclaim deed only in certain circumstances, like transferring property from parents or children to another person, transferring properties to spouses following divorce, or even transferring the property to the living trust. You may also utilize a quitclaim document to transfer the property to the LLC.

The most important thing to consider regarding a quitclaim deed is that the grantee must completely trust the grantor. If so, the grantee should wait to sign a quitclaim deed. Similar to grant deeds, the forms required for California quitclaim deeds differ between counties, so ensure you procure the appropriate form from the county where the property is.

 

Quitclaim Deed Work in Florida.

How long is a quitclaim deed good for in California? According to the Florida Statute, anyone who would like to own real property must register the property in writing through an instrument of deed. The most commonly used form of deed in Florida is the quitclaim document.

In the Florida quitclaim deed, just like those in other states in other states – there are no guarantees. This means there is no assurance that the grantor has the power to transfer real estate or that it is not subject to lien.

Additionally, knowing that a quitclaim deed transfers only what the grantor owns is essential. So, if two individuals jointly own a home, when one uses a quitclaim deed to transfer their stake to a child, only 50% of ownership would be transferred.

 

Requirements for Quit Claim Deeds

To be valid in the USA, Quitclaim deeds must include specific information. The quit claim deeds must mention the following:

  • Name of the house proprietor who plans to transfer a portion or all of their house ownership.
  • Name of individual or entity that will receive the grantor’s share of the property. The name of Grantee knows this person.
  • The value of money paid to the recipient in exchange for their stake in the property. The name of Consideration also knows this.
  • The Legal Description is the formal document that identifies the property.
  • The Grantor’s signature (this needs to be clarified because many people believe that they, as grantees, have the right to sign a deed that transfers the grantor’s property to them).
  • Two independent witnesses, one of which could be the notary.
  • The person licensed as a notary signs and stamps the document at the location where the deed will be executed.

If a quitclaim document doesn’t meet these conditions, it won’t transfer title as intended by both parties.

 

Things to Know About Quitclaim Deeds

A property deed transfers a property from the previous owner to a new one. Most people consider many types of deeds to be private. The grantor classifies deeds based on the type of title guarantee given.

A quitclaim deed is usually used to transfer property between relatives or fix title problems. In most cases, the parties involved are aware of each other and willing to accept the risk associated with the transfer.

As quitclaim deeds provide the most minimal level of protection for buyers, it is crucial to be aware of all the details when buying a home in such a way.

 

Offers Minimal Protection

In the event of a Non-warranty Deed, the grantor isn’t required to promise or make a representation about the title’s authenticity. They simply “remises, releases, and quitclaims” the title concerning the title of the acquiring owner.

 

Accept a Quitclaim Deed from a Trustworthy Grantor

The grantee of the property has no warranty rights against the grantor. Signing the quitclaim deed of someone you trust and know is crucial. If the couple is married, owns a house, and then divorces, they might use a quitclaim document to revoke their interest in the house. Another possibility is for parents to use a quitclaim document to transfer their property to their child.

A quitclaim deed can fix a problem with a property’s title and transfer property. This can include errors such as a spelling error or missing signature.

The grantee of a quitclaim deed put themselves at several risks. It’s typically only utilized in transactions where there’s no cash exchange. People can only sometimes use quitclaim deeds when there is an outstanding mortgage on the property.

The grantor is accountable for the loan following the transfer, even if they use it. The opinions in this post are exclusively those of the person who wrote the article. Like all blog entries, the information provided is general and is not intended to be legal advice.

 

When to Get a Quitclaim Deed?

It is possible to utilize the quitclaim deed when you’re planning to transfer your ownership of an asset to someone you trust, like your child. But, a quitclaim deed could not be the ideal option.

 

 

In most instances, using the quitclaim deed to transfer ownership of your property to a third party is not recommended.

Both the lender and the seller of the seller will be willing to sign an agreement to quitclaim if it will provide greater security for the rights they’re trying to acquire. However, deeds are different in each state. Additionally, it is often utilized to sell property and release deeds. In contrast, a release deed is comparable to other states’ quitclaim deeds.

Real estate sales in California typically use a grant deed instead of a generic warranty deed. The grant deed does not require the grantor to pay the grantee for third-party claims. The purchaser can buy owner’s title insurance to guard against the possibility.

 

Transferring a Property

There are a variety of situations in which family members may want to transfer their property to one another rather than selling it. A brother may wish to transfer his stake to his sister, or a parent may prefer to give the rental home to an heir who intends to make it their primary home.

But just because you can transfer real estate through an e-quitclaim deed does not necessarily mean you must. Transferring ownership of your property could be a significant tax on real estate, capital gains, and legal consequences.

Transferring ownership of an uninsured property can trigger the lender’s due-on-sale clause. It’s a good idea to talk about the services of a professional real estate lawyer and a tax professional before making any decision.

You can also make use of an e-quitclaim deed for the transfer of the property to a trust. One might wish to transfer property to a trust to avoid probate charges for states where probate may be costly, particularly for high-value real estate.

 

Adding or Removing an Owner’s Name

A typical use of the quitclaim deed is to eliminate a spouse’s name from the title of a property after divorce or to change the spouse’s name after marriage.

The quitclaim deed and neither divorce can relieve anyone from the responsibility of paying for a mortgage. But, suppose you do not wish to surrender the ownership stake in a home you are a mortgagee on. An easier option is to refinance the mortgage in your name as the individual who remains in the title, as long as the borrower is eligible by themselves or through the help of a new co-borrower.

In the same way, you may not be able to include a spouse in the title to your property if they are not in the mortgage. They will have the right to receive the profits from the sale of the property and may use it as collateral, but they would not be able to assume any legal obligation to purchase it.

 

Clearing a Title

It is also possible to use the quitclaim deed to assure the lender that you’re not interested in purchasing a home. For instance, suppose you owned a home before marriage and still own it as the sole proprietor. If you decide to refinance your loan, the lender could request your spouse to sign a quitclaim deed to show that they don’t own the property (and thus won’t assert ownership over the home).

 

Removing an Easement

If a utility company has the right to use your land for maintenance but stops, you can ask them to give up that right. If the utility accepts that it can no longer be entitled to use or access your property by the easement.

 

You Can Use Quit Claim Documents To Convey Title Or Property.

The seller or grantor (or the seller) may use deeds to transfer titles or property to the grantee (or buyers). Generally, limited warranties or deed warranties are very trustworthy. They come with a “covenant” that proves the grantor owns the land. But they’re more challenging to obtain and usually require more negotiation time.

Quit claim deeds, sometimes known as non-warranty warrants, are often employed to move property, as in clear titles. Sellers are generally more likely to transfer property via quit claim documents. But qui claim deeds give no guarantee that the grantor has or has the right to transfer the property.

Before signing the quit claim deed, educate yourself on the subject and obtain appropriate security, like title insurance. Sometimes, the issue can become tense, so preparing and taking action cautiously is essential.

In the past, quit claim deeds provided full ownership to the owner after seven years of non-contested use, regardless of whether the person who signed the deed was not the owner. Today, it used to be more challenging than it is. In addition, the legitimate property owner needed to acknowledge the quit-claim deed.

Deeds aren’t always easy, so you should speak with a real estate attorney before applying the quit claim deed to transfer property.

 

Limitations to a Quitclaim Deed

How long is a quit claim deed good for? A quitclaim deed will not remove your name from a mortgage. Additionally, if you’re the grantee on the quitclaim deed, you may be unable to receive any benefits. The quitclaim deed isn’t a guarantee that it has a legal stake in the real estate. They might not have any property to transfer to you.

A title search can help you determine the rights you’ll be granted as the owner of the quitclaim deed. Purchasing an owner’s title insurance can safeguard your rights from possible future claims on the property, which aren’t your blame.

Additionally, a poorly written quitclaim deed may convey more or less rights than the grantor wanted. An attorney who can review your documents can ensure all paperwork is completed correctly. It could cost just one hundred dollars to stop an error that could have resulted in a loss of hundreds of thousands.

States also have different ways of using quitclaim deeds and defining them. Having more than just a general understanding of what a quitclaim deed is. You’ll require a detailed understanding of this kind of document before deciding whether it’s the proper method to complete the transfer of your property.

 

FAQs

What is an enforceable quitclaim?

A quitclaim deed consists of a document where a grantor denies all rights to a particular parcel in actual property and then transfers the interest to the grantee. Instead of grantors of other deeds, the grantor cannot guarantee their property ownership is legitimate.

 

What is the best time to utilize a quitclaim deed?

Quitclaim deeds do not have the security and guarantees present in other deeds that pertain to property. Due to this, they are only suitable in certain situations. This includes transferring real property between close relatives–for instance, from parents to children.

 

What is the best way to annul the quitclaim deed?

The simplest way to change or annul a quitclaim deed is to have the parties agree to cancel or overturn the transaction. If someone believes the deed was used illegally, they can review it with a judge.

 

Conclusions

Despite the potential risks and commonly held beliefs about deeds, it is a handy tool for a quick and straightforward real estate transfer. For best results, only use in specific situations with familiar people, under expert guidance.

To ensure that your quitclaim deed is correctly written and to avoid the risks of doing it yourself, contact your real estate lawyer to determine if it is appropriate to draft a quitclaim deed for your particular needs.

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