Quit Claim Deed Form

What Are The Top Advantages Of A Quit Claim Deed Form?

A Quit claim deed is a type of document that is useful for real estate ownership transfer from one party to the other. These types of documents are also referred to as quick claim deeds at times, given that these can help achieve real estate transfers very quickly. Find out about some of the top advantages of a quitclaim deed form.

Tax benefits

One of the most important advantages of this type of deed is that most of the property transactions include tax payment for property transfer, which is actually based on its worth. In case the property is transferred from one member of a family to the other without any money being involved in the process, this kind of transaction is regarded as a gift.

Impact on liens

This is another major benefit of the use of a Florida quit claim deed form. This type of document involves the transfer of only the property ownership and no mortgage or liens on the same.

Due to this reason, the prior owner will still have the responsibility for the payment of any money that is still being owed on the piece of real estate, even when his name is not there on the title anymore. The one who gets the transferred property from this type of deed will not have any responsibility for any outstanding monetary payment on the property unless he or she was a co-owner prior to the quit claim, as in case of a divorce. This lets one member of a family give a home to some other family member without any liens attached to the piece of real estate.

Divorce benefits

This kind of document is used most commonly in case of divorce where one spouse has got a property granted in name due to the generosity of his / her spouse or through the court.

The property title goes to the name of the spouse who gets the property granted. However, the financial obligations signed originally for by the other spouse, still remains intact. The quit claim deed can ensure that the couple will not have to pay any tax for the property transfer process.

Author Bio

Carl writes often about online legal drafting like affidavit, bill of sale and quitclaim deed forms to help the people.