You’re probably somewhat familiar with the word “deed.” If home ownership comes to mind, you’re on the right track. However, you may not know what a quitclaim deed is.
A quitclaim deed is used to transfer interest in a property. For example, if you own your house before you get married and you’d like to add your spouse’s name to the deed, you would “quit claim” half of your interest in said house to your spouse. This term is often mis-understood and people frequently refer to this process as “quick claiming,” even though it’s actually a quitclaim deed that is signed.
If you wish to transfer ownership of your home to your adult children, for estate planning purposes, or otherwise, without them having to go through the process of a residential closing, you can also use a quit claim deed.
Frequently, quitclaim deeds are also used in a divorce when one spouse is transferring his or her ownership to the prior spouse at the end of a divorce. This deed can also be executed, and held in escrow by an attorney until the other party re-finances, if applicable.
An attorney that deals with residential real estate would be able to execute a quit claim deed for you, should the need arise. They may recommend getting a title search beforehand, which would confirm that you own the property, and that it is free of any liens or other judgments. This way, you know that the title will pass “clear.”
Wolf & Shore, LLC routinely handles drafting quit claim deeds, along with residential closings. We are able to obtain title searches for our clients as well if such is needed. If you think you may need to quit claim your interest in a property, please do not hesitate to contact our office.