Quitclaim Deed Add Calculated Field For Free

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.

The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.

Mortgages as Joint Tenants A quitclaim deed is a legal document that quits the previous owner's claim on the property. To refinance with a quitclaim deed, you'll first need to make sure you qualify for the new loan, and then you'll need to file the paperwork and work with your lender to schedule a closing.

There is no waiting period after you have given a deed in lieu of foreclosure before you can file for a mortgage. Likewise, there is no waiting period required after giving a lender a grant deed. However, the requirements of a given lender can mean that you have to wait a year or two.

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.

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.

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.