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Understanding a Florida Quit Claim Deed

17 Feb 2017

A Quit Claim Deed is one of two main types of deeds used to transfer legal ownership of a property. But to understand it better, it helps to know how Deeds in general work.

 

A Deed is a legal document that “conveys”, or passes, real estate from one party (the Grantor) to another (the Grantee). In almost all situations where you are acquiring property – whether as a buyer, heir, or spouse – you will need a Deed to legally transfer the title, or legal right to ownership, of the property to you.

 

A Warranty Deed is perhaps the best known type of deed, because it is used in most real estate sales. Whereas a purchase and sales contract is a promise by the seller to convey a property to the buyer per the terms specified in the contract, a Warranty Deed is that conveyance itself. As the name suggests, it “warrants”, or guarantees, that the property is free and clear of any outstanding claims or liens, and states that the seller (a.k.a. Grantor) is the rightful owner of the subject property, with the subsequent right to transfer the title to the buyer / Grantee. If any problems should arise with the title or the claims stated in the Warranty Deed, the Grantee will have recourse for resolving the matter, usually with the backing of title insurance.

 

By contrast, a Quit Claim Deed is usually utilized in instances when the subject property isn’t being sold, such as when:

 

  • The owner passes away and bequeaths it to someone
  • The owner is transferring the property to their Living Trust or company
  • The owner is adding their spouse’s name to the title
  • An ex-spouse is removed from title as part of a divorce settlement
  • The seller is uncertain of their legal ownership

 

Another key distinction between a Quit Claim and Warranty Deed is that the former makes no guarantees that the Grantor has full ownership of the subject property. This means that there will be no legal recourse if a title issue emerges or an outstanding claim is revealed; thus the person or entity transferring the property avoids any liability.

The subsequent riskiness of a Quit Claim Deed (at least to the Grantee) is why it is often executed between family members or among related business entities.

 

Like any Deed, the language of a Quit Claim Deed must be very precise. The legal description of the property – which includes not only the location but the boundaries and specific identifiers – must conform to what is officially recorded in county records and a boundary survey of the property. The names of the parties involved must similarly be accurate, lest there is some ambiguity as to who has an interest in the property.

 

Marina Title is a Florida Title Company that specializes in drafting effective and reliable documents for all real estate transactions. We’ll take the time to understand your needs and circumstances to ensure that a Quit Claim Deed is the best option for your purposes, and if so, create one with meticulous attention to detail. If you are the Grantee of an existing Quit Claim Deed, we can diligently examine the document for any errors and issues and advise you of the risks therein. We’ll stop at nothing to ensure all the necessary paperwork and preparations are done effectively for your transaction.

 

Given the inherent risks of a Quit Claim Deed, you should reduce any further potential consequences by turning to title experts who understand the complexities of title documents and Florida real estate law. Let us handle these matters and help mitigate errors and liabilities to protect your interests. Contact us at (305) 901-5628 or info@marinatitle.com to learn more or to schedule a free initial consultation.

 

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