A Brief Overview of Quitclaim Deeds

Not all deeds are created equal. Depending on your circumstances, you might be in possession of a general warranty deed, special warranty deed, deed of trust, or master deed, to give a few examples. This blog will focus on what are known as quitclaim deeds, which are somewhat-informal documents that can be quickly transferred from one entity to another. 

Deed Definition

To preface, a “deed” is a legal form or document that conveys the transfer of real property between two entities. A common classification of deeds is real estate, which is a title (or interest) in a specific piece of real estate. The state of Florida mandates certain information be on all deeds, including the signatures of the notary public, grantor (original owner of property who transfers ownership), and grantee (party who receives the property). 

What is a Quitclaim Deed, and What Makes it Different from Other Deeds?

A quitclaim deed is simply a legal document that conveys title from the grantor to the grantee. What makes a quitclaim deed unique relative to other types of deeds is that there is no real assurances that the real property being transferred is fully owned by the grantor. In other words, the grantee receives the title at face value with no guarantee that the grantor actually has an interest in the property. If a situation occurs in which the grantee wants to sue the grantor due to lack of actual interest in the property, the grantor is shielded from litigation. 

What are Quitclaim Deeds Used For?

Despite the risk inherent in quit claim deeds, they are used quite often, mostly between two parties who are already familiar with each other. A common situation in which a quitclaim deed is used is in the case of transferring pieces of land or other real property between family members, such as parents and their child. Adding or removing co-owners to a property’s title is also a common usage of quitclaim deeds, as well as moving property into a trust or between divorcing spouses. 

Quitclaim Deeds are Still Legal Documents

Despite the lack of formality, quitclaim deeds nevertheless need to contain all the elements normally required in a Florida real estate deed and be filed with the appropriate court. After it has been signed by all parties, the grantor must properly transfer the document over to the grantee. 

The importance of titles, especially of real estate, mandate that anyone transferring or receiving ownership should speak with an experienced real estate attorney before executing any official documents. Please reach out to us soon so we can get to work for you.