No Warranty

• A quitclaim deed is different from other property deeds in that it gives no guarantees. The quitclaim deed can be made despite debt or other claims on that property. In the strictest sense, the quitclaim doesn’t guarantee that the original grantor still possesses any ownership interest in the property they are giving. In the event that problems arise with the title, a quitclaim will not stand on its own in legal proceedings. The grantor is still responsible for any and all loans in their name on the property despite a filed quitclaim deed.
  
  

Information Required

• Legal names and addresses of both the grantor and the grantee will be required. The legal description of the property such as the lot number or tax parcel ID will be listed in addition to the property’s address with county name. A ‘consideration’ needs to be listed. As quitclaims are usually done with little to no monetary exchange, it is often listed as “one dollar” or a similar small amount. Both the grantor and grantee must sign the document along with a notary public. Some, but not all, states require signatures of witnesses as well.
  
  

Additional Documents

• Consult the county clerk when submitting the deed as states vary on required additional documentation before the deed can be recorded. These may include: a Declaration of Value, a Real Estate Transfer Tax Affidavit or a Real Estate Excise Tax Affidavit. Typically these documents must be filed within 30 days of submitting the quitclaim. Despite the varied names, these documents all help the county determine if any additional taxes are due from the property transfer.
  
  

Warnings

• Quitclaims are most frequently used in giving property to a family member or as part of a divorce proceeding. Yet before transferring the property between family members, the risks must be weighed. Senior citizens who give the property over for less than market value may be putting their Medicaid benefits and property tax exemptions at risk.