What’s A Florida Quitclaim Deed And When Do You Need It?
A Quitclaim Deed, not a “quick claim deed”, is a legal document that transfers the ownership of real property to someone else or to some other entity or trust. In Florida, it’s often used by family members to transfer property ownership to an entity, as gifts or in cases of divorce.
It is of high importance to note that Quitclaim Deeds do not give any guarantees to the grantee, that the person, entity, or trust transferring the property has the legal right to do so, nor does it guarantee that the property is free of any liens or encumbrances. All that a Quitclaim Deed does, is transfer any interest the grantor has in the property to the grantee.
To make sure you’re doing everything right, you need to meet certain legal requirements when using a Florida Quitclaim Deed. This includes the names of the grantor and grantee, the legal description of the property, two (2) witness, and the signature of a notary public (the notary can also serve as one of the witnesses).
But here’s the thing, before you use a Quitclaim Deed to transfer property, it’s essential to speak to a Florida real estate attorney, such as Ryan S. Shipp, Esquire, from Law Office of Ryan S. Shipp, PLLC. Let us help you navigate legal considerations that may come up.
The Pros And Cons Of Using A Florida Quitclaim Deed
Using a Florida Quitclaim Deed to transfer property ownership has its benefits and risks. On the one hand, it’s a pretty simple and quick process because you don’t need a title search, which can save you both time and money. Plus, it’s handy when you’re transferring property ownership between family members or gifting property.
However, there are risks involved with Florida Quitclaim Deeds. The most significant risk is that the person, entity, or trust transferring the property may not have legal ownership of it, or there may be liens or encumbrances on the property that the grantee doesn’t know about. When the grantee receives real property conveyed through a Quitclaim Deed, they also receive everything that comes with that propery (e.g. liens, taxes, mortgages, etc.).
To avoid potential problems, you need to understand the legal status of the property before using a Quitclaim Deed. That’s why it’s essential to consult with a Florida real estate attorney, such as Law Office of Ryan S. Shipp, PLLC, to make sure that everything is legal and also so you can minimize your risks. Call us today @ 561.699.0399 to learn more.
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