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Assuming it has been properly completed and filed, a quitclaim deed is a legal document that transfers complete ownership rights to a sole owner in a property that was previously co-owned.Standard quitclaim forms for use in California can be procured online or at many office superstores.

In a quitclaim deed, your mother conveys to you and your sister her interest in the property.The owner could name the heir of the property in a will, but the intended beneficiary would have to wait for the court in probate to issue a deed to transfer title from the deceased owner to the intended beneficiary.

Because quitclaim deeds make no warranty about the quality of the grantor's title, they are best for low-risk transactions between people who know each other and typically involve no exchange of money.

The inherent problems with quitclaim deeds--that is, the lack of title guarantees--offer lenders a valid reason to disallow the release of any now-former owners from mortgage obligations.Whether adding or eliminating owners, recording a quitclaim deed may technically violate the terms of the first mortgage loan note.

Yes, the quit claim deed overrides the Will. The Will only controls what was in the "estate" at the time of death.

Be sure of your intent before executing a quitclaim deed, as the only way to revoke one is to create another to take its place.To revoke the original quitclaim deed, you need the cooperation of the current grantor. A grantee cannot initiate and execute a new quitclaim deed on her own.

3 Disadvantages of Quitclaim DeedsNo guarantees to the new owner: Unlike a warranty deed, a quitclaim deed does not guarantee that a property is free from title defects such as tax liens or title claims from third parties.

Based on that interpretation, it shouldn't ruin your credit if you signed over the condo with a quitclaim deed. Most sellers who do this sort of financing don't report to the credit bureaus unless they do a lot of buying and selling of properties to people who can't qualify for mortgages on their own.

Quitclaims Are Taxable Events Unless the property goes to your spouse, quitclaiming is usually a taxable event and should be declared to the IRS using Form 709. Especially if you're passing a whole or part home ownership interest along to your adult children, the Internal Revenue Service is interested.

When you receive property through a quitclaim deed, or inherit it, you become fully responsible for that property. Any taxes, insurance, property liens or other debts attached to the property you received via quitclaim deed become yours as well.