Features

• Specific deed guidelines will vary by state; however, generally, all quitclaims should include the full legal names of the grantor and grantee and a complete legal description of the property being transferred. In most states, only the grantors need to sign the deed. All deeds should be notarized by a notary public. After the deed has been signed, it should be submitted to the county recorder, register of deeds or clerk to be filed among the land records.
  
  

Uses

• As previously mentioned, the quitclaim deed is most often used between related people. A person can be added to the property title through a quitclaim deed. Conversely, people can be removed from the title with a quitclaim deed. Common times for these uses are after a marriage or divorce. Additionally, a child or relative can be added as a co-owner of the property. For example, John and Mary Smith own a property together. They want to add their son Thomas to the title of the property as a part of their will. A quitclaim deed can do this, making all three co-owners of the property. Thomas does not have to pay his parents anything for this. A consideration of zero dollars -- or in some states, "for love and affection" -- can be listed.
  
  

Financial Implications

• Using a quitclaim deed to change ownership of a property has a few financial implications to consider. First, if the property is currently subject to a mortgage loan, adding someone to the title will not make her liable for the mortgage loan. If a borrower listed on the mortgage loan is removed from the title, she will still be responsible for mortgage payments. Property tax bills are sent to the owners listed on record per the most recent deed filed with the county. These people will be held accountable for making property tax payments as the payments are due. Generally, transfer taxes are not due on quitclaim deeds with no monetary consideration. If there is a consideration listed, some states may offer a tax exemption if the transfer is between family members.