When Would I Need A Quitclaim Deed?

 

 

Video Summary

 


When Would I Need A Quitclaim Deed? Well, first let's talk about, "What is a quitclaim deed?" A quitclaim deed says that, "I convey to you whatever interest I may have in the property that I am conveying to you." It's not saying that you have any ownership interest whatsoever. Most of the time, quitclaim deeds are the primary purpose whenever lawyers use them, is usually in conjunction with clearing the title to real estate. You simply say, "Well, look. I'm not warranting," meaning that I'm not asserting that I have ownership, like what you do under a Warranty Deed. You're simply saying, "Look. Here it is. Whatever problems there are with the title to the property, you've got them. Whether there's liens against it, whatever the situation is, here's a quitclaim deed. I'm simply transferring the property."

I find that I field calls all the time, or people suggest to me the solution to their real estate title problems is getting a quitclaim deed, and I suggest to these folks that talk to me about their solution, as far as using a quitclaim deed, is the operative word is a Deed or a Conveyance, so you need to look at the particular circumstance as to what kind of deed do you want to use and the intended purpose. That many people throw that term around, "Well, I'll just use a quitclaim deed," and thinking that that is a cure-all to any particular problems. It's unfortunate that sometimes when people just use a quitclaim deed, not thinking that that could cause them problems down the line. Well, it can, and also the conveyance must comply with the requirements of the Florida Law, and need to show the meritable status, and exactly what they are transferring. A quitclaim deed is simply a deed that does not have any warranties and says that, "Look. Whatever interest I have in property, I am transferring to you."

I would encourage you if you're dealing, or looking to buy some property, and the person says, "Oh, we'll take care of this. We'll just use, I'll give you a quitclaim deed to the property, and you give me X number of dollars, or whatever." Be very cautious on that. You need, particularly, if it's, usually it's a substantial investment if it's a house or property, and you may wind up with nothing. That's the reason why we have title insurance, and for a few hundred dollars or hundreds of dollars, you can verify that you're actually getting marketable title to the property, or at least know what the liens are against the property. Don't take someone's word for it and simply have them execute a deed, a quitclaim deed, whenever you're paying them good money for the property. Quitclaim deeds are usually used to clear up people's interest in property, where you're not purchasing it from them, and it certainly isn't a cure-all. If you have any questions about quitclaim deeds, give me a call at 727-847-2288.