Quitclaim Deed Remove Sticky Notes For Free

Can I reverse a quit claim deed?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.

Quit claim deeds are sometimes used to transfer properties to different entities for asset protection purposes.If you want true asset protection, the trick is to transfer the property correctly, so as not to flag the mortgage company.

Signing a quitclaim deed and giving up all rights to the property doesn't release you from any financial obligations you may have. It only removes you from the title, not from the mortgage, and you are still responsible for making payments.

A quitclaim deed is often used if the grantor is not sure of the status of the title (whether it contains any defects) or if the grantor wants no liability under the title covenants.

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.

A quitclaim deed can be used to transfer property from a trust, but a Special Warranty Deed seems to be a more common way to do this.

Under the gift tax rules, the grantor must pay tax on the property through a federal income tax return. The recipient of the property is allowed to pay the tax if she agrees to make the payment. Individuals are allowed an exclusion of $13,000.