One of the most common ways to transfer property from one family member to another is with the quitclaim deed commonly referred to by the misnomer â€œquick claim deedâ€. The quitclaim deed is usually the best way to "add" a family member or spouse to the title of a property.
A Quitclaim Deed is a deed that transfers to a Grantee whatever claim or interest in the property that may be held by the Grantor. The Grantor might be a legal owner or the Grantor might never have formally been identified on a deed describing the property.
The Grantor of the deed makes no warranties regarding the quality of their interest in the property or even if they have any interest at all. Specifically, in a Quit Claim deed, no warranty is provided regarding liens, encumbrances or other claims against the property.
A Quitclaim Deed is most often used in gift transactions, transfers to as spouse, or transfers to an entity owned by the Grantor. All that is left is to make sure the deed is properly signed, witnessed, and recorded.