Can I Use a Quitclaim Deed in Survivorship?
- A quitclaim is a type of deed that transfers only the particular interest that an owner has in the property to someone else. Owners may think they have total interest in the property, but this is rarely the case. Liens from mortgages, easements from other parties, selective rights to use the property and other conditions all split interest in property among other entities. A quitclaim deed moves ownership and all these entanglements to another person, essentially leaving all liability intact.
- Quitclaim deeds do have their place, but they are not often used in matters of survivorship. More often, a quitclaim deed helps a seller give a title to a buyer in a very direct method, or bring a co-owner on so that both own the property. This is more common when family members want to buy or sell property between each other and are looking for an easy way to switch ownership. The deed is also used when switching ownership during a divorce.
- Owners looking for ways to manage beneficiaries after death may be more interested in a survivorship deed. Related to a quitclaim deed, this type of deed creates what is known as a joint tenancy between two or more grantees, which are then added to the title of the property. The owner and the grantees then own the property together. If any one of them dies, ownership flows to the surviving joint tenants, making it very easy for grantees to inherit property apart from probate.
- A warranty deed is a more general type of deed that can be used to transfer property. The warranty deed simply ensures that the title is clear -- that, unlike a quitclaim deed, all liens, easements and other legal restrictions are removed from the property before it changes ownership. A survivorship deed is a type of warranty deed, which is one reason it may be more suitable for inheritance issues. Other warranty deeds are used in common real estate transactions.