Quitclaim Deed Hide Tick For Free

Taxes. Quitclaim deeds do not rid the grantor of tax obligations. If the grantor owes taxes from the period during which they legally owned the property, those taxes must be paid prior to the transaction.The grantor no longer is obligated to pay future taxes on the property.

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.

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners divorce and one spouse's name is removed from the title or deed.

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.

The quitclaim deed only transfers the type of title you own. Deed transfers of any kind impact only the ownership and do not change or affect any mortgage on the property.

In California, the statute of limitations is five years. Any challenge to the quitclaim must be based on either a procedural error or on undo duress.

Quitclaim deeds are useful in title-clearing actions or simple transfers between family members or in a divorce. They are not useful in sales or other cases where a more firm guarantee of ownership on the part of the guarantor is needed.