Quit Claim Deeds: What They Are and Why They Are Necessary

 Posted on March 22, 2023 in Uncategorized

Bolingbrook Quit Claim Deed Lawyer: What are Quit Claim Deeds

A quitclaim deed is a real estate tool that aids in changing the legal title to a property. A quitclaim deed is different from a warranty deed because a quitclaim deed does not accompany with it the warranties on interest, meaning that whatever interest the titleholder had is what is being conveyed, whether it be incorrect or encumbered. Additionally, because a quitclaim deed is only a transfer of title and no interest in being sold, the transfer is exempt from specific transfer taxes imposed by the city. There are many reasons why one might need a quit claim deed. At Gateville Law Firm, we will be able to explain whether a quitclaim deed is advisable and if so, can complete the deed to ensure there are no errors that would result in the deed being rejected by the county. 

Adding a Person to Title

A common reason for a quitclaim deed is to add an individual to the title. This could be because the title holder gained a roommate, married, or wants an additional individual on the title. Gateville Law Firm assists in advising any possible repercussions of adding the individual and delineating the type of ownership between the parties, whether it be a tenancy in common, joint tenancy with the right of survivorship, or a tenancy by the entirety. Each tenancy has different requirements and, without superior knowledge, can likely be done incorrectly.

Removing a Person from the Title

Similar to adding an individual, it is common for a quitclaim to be done by removing a party from the title. However, this can be a more complicated process, as the individual who is being removed must also sign off on the deed. This means the transfer cannot be done in secret, and all parties must be fully disclosed before the deed is completed. This transfer type is often seen during a divorce where both parties are on title to the property. The divorce decree will dictate who will be removed from the title, and the party being removed must sign according to the terms of the Judgment. 

Transferring Title to a Trust

A quitclaim deed can be used in conjunction with estate planning. For example, when an individual creates a revocable living trust as part of their estate plan, one of the most critical tasks is to move the home from the trust maker's name individually to the Trust's name. This is done by a quitclaim deed as well. By doing so, the Trust would then be the title holder of the Trust, while the individual acting as Trustee would be able to make all decisions surrounding the property, whether to sell, refinance, or take out a second mortgage.

Contact a Bolingbrook Will County Quit Claim Deed Lawyer

The attorneys and staff at Gateville Law Firm mainly specialize in creating exceptional quitclaim deeds, as we have superior knowledge in real estate law and planning. By understanding the intricacies of each area and how they interplay with one another, our attorneys can best advise you on the type of deed to complete and ensure they are constructed with accuracy and expediency. To learn more about our quit claim deed services or to schedule a consultation for creating a quit claim deed, call our office at 630-780-1034.