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What’s A Quit-Claim |
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Ms. Lank, My father says he’ll sign a paper that he’s giving me his house. Is this form called a quitclaim, or is that something else? Does it have to be done with an attorney or can the form just be filled out and filed? Or does it need to be notarized or something? |
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Several different forms of deeds can be used to transfer ownership (title) to real estate. They contain various kinds of warranties -- guarantees that the house is free and clear of liens, that the person signing actually owns the place, or that the title would be defended against other people's claims to ownership, for instance. The simplest one, with no warranties at all, merely says "I hereby give to you any ownership I may have in this property". That is a quit-claim deed. Quit-claims are often used for simple transfers within a family. If the person signing the deed is indeed the full owner, then the person receiving it becomes full owner. Because the person signing a quit-claim does not actually state that they have title in the first place, this form of deed is also used, occasionally, to clear up legal complications. "I'm not saying I own this property, but anyhow I'm giving up (quitting) any claim I might have." While the transfer of title takes effect as soon as a deed is signed and given to the new owner, it's extremely important that a copy be entered promptly in the county's public records. For that reason, the document needs to be drawn up in proper form, and acknowledged (notarized) so that it will be accepted by the records office. A lawyer's help with the document should not be expensive |
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Edith
Originally published on December 12, 2005 |
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