Quitclaim Deed Hide Phone Field For Free

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.

Generally, someone else cannot remove you from title without your consent and/or knowledge. You should speak to a local real estate attorney to see how to return your name to title and how it was removed in the first place.

A quitclaim deed can be canceled due to the incompetency of the grantor as well. This also requires filing a lawsuit and asking a judge to rule that the grantor wasn't in her right mind at the time she signed the deed.

Once a quitclaim is signed and recorded, can the deed be challenged in court? Yes, it can. Recording your deed only provides notice of your ownership claim to the public.

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.

Disadvantages of Quitclaim Deeds A quitclaim deed is quick and easy because it transfers all of one person's interest in the property to another. However, a quitclaim doesn't make any guarantees about what that interest might be. The deed transfers all claims the seller has to the property, if any.

Generally speaking, no. Once a quit claim deed has been completed and filed with the County Clerk's Office, the title will officially pass from the grantor to the grantee. The only way to reverse a quit claim deed is to go to court and prove that the grantor was forced to sign the document under duress.