Thursday, March 29, 2012
How To Quickly And Effectively Transfer Your Property To A Family Member
One of the most common ways to transfer property from one family member to another is with the quitclaim deed commonly referred to by the misnomer "quick claim deed". The quitclaim deed is usually the best way to "add" a family member or spouse to the title of a property.
A Quitclaim Deed is a deed that transfers to a Grantee whatever claim or interest in the property that may be held by the Grantor. The Grantor might be a legal owner or the Grantor might never have formally been identified on a deed describing the property.
The Grantor of the deed makes no warranties regarding the quality of their interest in the property or even if they have any interest at all. Specifically, in a Quit Claim deed, no warranty is provided regarding liens, encumbrances or other claims against the property.
A Quitclaim Deed is most often used in gift transactions, transfers to as spouse, or transfers to an entity owned by the Grantor. But they are also very common as part of a divorce settlement.
If a married person holds title to a property as sole owner or perhaps he or she acquired the property before marriage, the spouse not in title might be asked to sign a quitclaim deed when the property is sold to a third party, just to make sure the spouse who was not on the deed does not later come back and lay claim to the property.
To "add" a person to a deed, may seem a little more tricky, but is really quite simple.
Example: Jill wants to add her husband Jack to the deed of the property currently owned solely by Jill. If Jill grants a Quitclaim deed to Jack, Jill is left with nothing. However, and this is the part that seems a little odd, If Jill gives a quitclaim deed to Jack and Jill, she has effectively added Jack to the title. In the transfer Jill will be both a Grantor (the person giving property) and the Grantee (the person receiving property). All that is left is to make sure the deed is properly signed, witnessed, and recorded.
Article Source: http://EzineArticles.com/1132425
Posted by Rene at 11:16 AM