By Kathy Cooper
It is common practice to use a quit claim deed to transfer ownership of real estate from an individual or couple to a trust. This type of deed is also used for transfers between family members, transfers into a business or to set up after-death arrangements between family members. Quit claim deeds are sometimes mistakenly called a “quick claim” deeds.
A quit claim deed is a simple way to transfer the interest in real estate of one person, the grantor, to another, the grantee. A quit claim deed does NOT contain guarantees, like a warranty deed, that the title to the real estate is clear. A quit claim deeds does not guarantee what that interest is, nor does it guarantee that it is free of debt. If the real estate is owned 100% by someone other than the grantor (the person making the deed), then nothing is transferred. If the real estate is owned by more than one person, then only the grantor’s interest is transferred.
As with most legal transactions, it is a good idea to work with a qualified legal professional. Elder law attorneys can help you understand the implications of transferring or gifting real estate for purposes such as estate planning or qualifying for veterans’ or other government benefits. The Cooper Law Firm has been providing elder law services throughout Ohio for over fifteen years.
