Profile picture for thaddeus01

what is a quick claims deed ?

  • June 21 2010 - Chicago
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (11)

Profile picture for jimstarwalt
Hi Thaddeus,
The important thing to remember is you are giving your rights to a property. However if you are on the mortgage, the lender you signed the mortgage with does not care if you signed off your rights to another, no matter what the reason.
A common reason I see Quit Claim deeds is a divorce. You sign away your rights to any part of the house or any equity in it, so now you have no "claim" to any part of it, But, the mortgage holder gave a loan to you and you signed a note assuming responsibility for it and you will be held to those terms until someone refinances that note without you!
So, even if you sign a quit claim deed, you are still held liable for the loan if the other party decides not to pay it!
Please verify any and all of this with an attorney, this is just general information which should not be used as fact or advise in any legal manner.
Have any agreement reviewed by a Lawer before you sign!

Jim Starwalt
www.StarHomeFinders.com
  • July 20 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A quit-claim deed is a document that is used to add or remove any person to the title (read: ownership document) of any property.  Beware that if you sign a quit-claim deed to over to someone else, you are still liable for your mortgage on that property. I've heard horror stories of people signing a quit-claim deed without knowing what it was and they ended up with a huge mortgage with no piece of property tied to the equity.  


Long story short- do NOT sign a quit claim deed unless you know what you are doing, and I always recommend hiring an attorney to review any legal documents.   
  • July 19 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A quit-claim deed is the instrument that is used to transfer ownership rights to a property.  There are several types of deeds that can be used and this is the most common in Massachusetts. 
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ABBAUSA
'What you might find interesting is that "Quit Claim Deed" are no longer valid in Texas. (has been for some time now, but new to me)

Not my words, but two title companies I work with informed of that fact recently. Must be turned into General Warranty Deed.

I wonder why this is now so. I used them to clear title and misc things in the past.

Good Luck!

James Callas - Realtor®
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

be sure people who on the loan is willing to remain on the Mortgage with you. Most people will refuse considering they will have no ownership in the property while remaining obligated as a mortgagee. Now, you can arrange a quit claim through a title company, or find the basic forms online...you will need a "legal description" of the property for the quit claim and the property tax transfer form, you can purchase this from Cook County Recorder of Deeds (if in cook county) for $5.00 or find the written decription on your plat of survey or the paperwork in your original mortgage document. This is what you will need to file with the county:

Quit claim deed -SOmetimes two pages (can download online)....
Statement of Grantor/Grantee - one page(can download online)....
AFFIDAVIT - PLAT ACT -one page (can download online)....

All three above need to be notarized!!!!

you will also need....
Property tax transfer form - PTAX-203...can fill out and print through IL website: http://www.revenue.state.il.us/app/rtdi/…

You can have these recorded by mail, find the fees for cook county here: http://www.ccrd.info/CCRD/controller....… should be less than $50, once the paperwork is filed it will be mailed to the Grantee (YOU).
  • June 21 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I believe you're asking about a Quit Claim deed, at least that's what they're referred to in Arizona and California.

A Quit Claim Deed relinquishes any right of title a person may have in a property. They may not actually have ANY right to a property, but the title company uses this document to make sure.

They're often used in a situation where one person holds title to a property, then gets married, then sells or finances the property. To obtain clear title in this instance the title company will request that the spouse who formerly had no interest in the property, sign a QC deed saying in effect, "If I had any interest in this property, I deed whatever interest that may be to the person receiving the deed.
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be very careful on these Thaddeus.  They are mostly between family members because there isn't much guarantee on the title.  You usually get it from someone you trust(ed).  Don't let the word "quick" fool you.  It may be quick, but there may be some hidden things too.
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A quick claims deed is a legal process.

  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A quick claim deed has several purposes.  It is typically used in estate sales when a family member is transferring property to another family member.  It is also an instrument used by lenders and property holders who are selling their property on a land contract.  It allows them to reclaim their property should the buyer default in payment.  In some states both the seller and buyers name are on the title until the mortgage has been settled.  It is also a way to give property to someone else such as a gift. 
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A Quit claim deed is a deed that offers no protection against any other claims or encumbrances on the deed.  This deed is usually used in divorces or tax sales.  It really just requires you to do your own title search so that you can understand the history of that property.  I would definitely advise having a title search.
  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A quit-claim deed is what you would sign if you want to relinguish any rights you have to a property.

  • June 21 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.