Quit Claim Deeds Lawyer
What is a Transfer on Death Deed?
A Quit Claim Deed allows a property owner (the grantor) to transfer property rights to a new owner (the grantee). As stated by Wisconsin State Statute 706.10(4), it is a fast way to transfer real estate titles from one owner to another. It is named as such because the property owner is quitting the claim on their properties and leaving their claim behind. The Quit Claim Deed does not offer any buyer protection as there is no guarantee or warranty that the seller has any ownership interest in the property. So, if the seller has zero ownership interest in the property, then that is what the Quit Claim Deed will transfer to the new owner, zero. Therefore, with the lack of buyer protection, a Quit Claim Deed is best used to transfer property to a close relative, trusted individual, or to your own corporation or trust.
Breaking down what a Quit Claim Deed does
Let’s say you have a piece of land that you don’t use anymore. Your friend wants it, and you’re willing to give it to her. Instead of going through a long process, you decide to use a Quit Claim Deed.
You (the grantor) complete the Quit Claim Deed, listing your friend as the grantee. Now, she has whatever rights you had to that land.
However, here’s the catch: If you didn’t actually own the land, or if there are any issues with the title (like someone else claiming ownership), your friend now has to deal with that. The Quit Claim Deed doesn’t protect them. It’s like saying, “I’m giving you what I have, but I’m not promising that it’s mine or that everything is perfect.”
So, your friend gets the land, but there’s no guarantee it’s really theirs if there were problems with ownership. The Quit Claim Deed is fast and simple but carries risks if the person transferring the property doesn’t really own it.
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Benefits of a Quit Claim Deed
Tax Benefits:
A Quit Claim Deed is an effective way to quickly transfer a property title and has some tax benefits rather than a traditional real estate sale. Quit Claim transfers are often treated as gifts for tax purposes and the gift tax implications would be the responsibility of the grantor.
Avoids probate:
A Quit Claim Deed also bypasses probate, which is a complex, lengthy court process that takes place after your death to determine what should happen to your assets. In Milwaukee, probate can take 12 to 18 months, or even longer, to complete, includes fees, and is public information. The Quit Claim Deed goes into effect immediately, thus streamlining the process and distributing the property to beneficiaries without delay. Quit claim deeds are apart of our estate planning packages.
Who is a good fit for a Quit Claim Deed in Milwaukee?
Given the Quit Claim Deed’s lack of guarantee and buyer protection, it is best used when you can be certain that the title is clear and the property owner who is signing the deed truly owns the property. Some circumstances where a Quit Claim Deed is commonly used include:
- Transferring property interest between family members, such as a parent to a child
- Divorcing spouses may use a QCD to give one person sole ownership of a property
- Transfers of property between an individual and their corporation or living trust for tax or liability reasons
3 Step process for success by hiring a Milwaukee Quit Claim Deed Lawyer
Step 1: Talk to an Attorney
An experienced Milwaukee Quit Claim Deed attorney can help determine if a Quit Claim Deed is the right fit for your specific circumstances.Step 2: Draft, Sign, and Notarize the QCD
If your Milwaukee attorney advises you that the QCD is the best fit for you then they will draft a Quit Claim Deed specifying the property details and the designated beneficiary. The Quit Claim Deed also allows the property owner to designate multiple beneficiaries and even specify the percentage of property each beneficiary will receive. Your attorney will also work with a notary public to ensure the deed is properly notarized.