Quit Claim Deed Explained
This article is intended to give you an overview of what a Quit Claim Deed is and when/why you would want to use it.
I've received a few questions lately with the same answer: Do a Quit Claim Deed!
Therefore, I figured I would give some additional information on it! A Quit Claim Deed is used in Colorado to transfer property without any warranties from the seller meaning there's no guarantee the seller has an interest in the property. They are basically just transferring their right to claim an interest in the property if the event they do have one. It's imperative to know and verify who and what the seller is transferring. You would NEVER want to do this between two (2) complete strangers. Take a look below to see reasons you WOULD want to file a quit claim deed.
Examples of when to use it:
- Transferring property as a gift from one close family member to another (perhaps gifting the property from a parent to a child)
- Transferring property from an individual to a corporation owned by the same individual (owner is still the same but held in a different name)
- Divorce situation where one spouse wishes to give up any interest in a jointly owned property
- Though it's named for "quiting" interest, it can also be used to add a spouse to the title with the other spouse as original owner
- It needs to be signed in front of a notary
- It needs to be submitted to the Colorado County Clerk and Recorder’s Office where the property is located
- Title companies can also easily perform the Quit Claim Deed and get it submitted for you (I recommend this option and can provide Title company recommendations!)
As always, if you have specific questions on this information or other real estate questions, please don't hesitate to reach out to me! I'm ALWAYS happy to help!!