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LindaH
Florida
1754 Posts |
 Posted - 03/16/2008 : 09:27:59 AM
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Quit Claim Deeds are used not only to transfer interest in a property from one person/entity to another, but can also be used to change the vesting of title (tenants in common to survivorship or vice versa)...
In conveying their property to another person/entity, people need to realize that when signing a Quit Claim Deed they are conveying ALL their right, title and interest in the property to the recipient and giving up all rights to the property...it's not something to go into lightly without full research and understanding of the ramifications. For example, parents, especially the elderly, many times will transfer their property, or a portion of it, to their children for a multitude of reasons that, to them, are quite justified...not realizing the tax and estate consequences.
Again, full research is required and a thorough knowledge of the individual state laws regarding property transfer is essential and shouldn't be done without consulting with an attorney and/or a tax professional. IMO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
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dfye@mcttelecom.com
New Hampshire
681 Posts |
Posted - 03/16/2008 : 07:47:24 AM
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Many dissolution of marriages come equipped with Quitclaim Deeds. It is an as is proprosition. This doc can eliminate alot of grief.
Legal Eagle Para Professional Services |
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jbelmont
California
3106 Posts |
Posted - 03/16/2008 : 01:51:10 AM
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| What are your experiences with quitclaim deeds? Why were they used. Its not the notary's job to understand or explain these things, but we can discuss for fun. It is my understanding that you use a quitclaim deed when you want to get your name removed from the title of a property. Let me know if you have any content to add. |
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Quitclaim deed
