Recent Blog Post
Getting a divorce? Not sure what to do with your marital home now that only one spouse will live there? A quitclaim deed could be the answer for you. It simply releases the property from one person and gives full ownership to the other. In the case of divorce, a quitclaim deed will relieve one spouse of liability regarding ownership of the home and give it to the one still living in the home. There are two people involved in this transaction, the grantee and the grantor. The grantee is the one receiving the deed and the grantor is the one releasing it.
A quitclaims deed is most commonly used in divorce cases. It is very rarely used to transfer property from seller to buyer during a normal, everyday property sale. This type of deed is a very simple, efficient, and inexpensive way to transfer ownership of your marital home when going through a divorce, although it is important to realize that a quitclaim deed is not the process of selling a property. No money is involved in this type of transaction. Another important factor in the quitclaim deed that you should know is that it does not affect the mortgage. If both spouses’ names are on the loan then they are both still responsible for that loan even after a quitclaim deed is filed. Taking one spouses’ name off of the loan is a totally different process – the quitclaims transaction only involves the property itself.
You may find a quitclaim deed online and it is a very simple and easy process to fill it out. Once you print the document, there are a few requirements to make the deed official. You can even just write the following information on a piece of paper and get it notarized and then the document will be official. You will need:
- The names of the grantor and grantee.
- A legal description of the property. (Note that this does not mean just the address).
- The actual price paid for the home.
- The name of the county that the property is located in.
- Signatures from both parties occurring in front of a notary public.
After the quitclaim deed is filled out properly, it must then be taken to the county records office in the county in which the property is located. There is a small fee to have the deed filed, but then the process is over with. For more information on quitclaim deeds, contact me here.