QUIT CLAIM DEED WITH LIVING TRUST
A quit claim deed is a type of deed that transfers an interest in real property, like a house, vacant land to another. Quit claim deeds are often used instead of warranty deeds when transferring property out of the trust. This is done to prevent the trustee from becoming liable to the grantee in case the title to the property is defective.
A living trust is an arrangement in which you place assets under the care of a trustee for eventual distribution to beneficiaries. One of the main advantages of a living trust is that trust assets don’t have to go through probate after you die. Instead they can be distributed to beneficiaries at any time before or after you die. The most important thing about a quitclaim deed is that the grantor doesn’t make any warranties, guarantees or promises about the property.
When do you Use a Quit claim Deed?
This is used to address possible questions about a property’s title. If there’s the possibility that someone could have a claim to the property or there’s a problem with the title, a quit claim deed can be used to resolve this problem. Also, a person transferring real property to their living trust uses a quit claim deed.
How to reverse a Quit claim Deed
Reversing a quit claim deed is extremely difficult. Once a quit claim deed is signed and delivered, the grantor doesn’t own the property. The transfer is final and can’t be reversed unless the grantee “quitclaims” the property back. If the grantee (person who received the property) doesn’t agree, the grantor must prove the transfer was invalid by showing that the deed was signed under threats, external pressure or because the grantee lied.
Things that are needed to make a quit claim deed.
- Grantor and grantee names
- Grantor’s signature
- Legal description of the property – not just the address
- County name where the property is located
- Consideration – the actual purchase price paid or if a gift, then a small dollar value
- Signature of a notary public
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