Preparation of Quitclaim Deeds for Living Trust
What is a Quitclaim Deed?
A Quitclaim Deed conveys real estate title to another person. Unlike a Warranty Deed, a Quitclaim Deed fails to guarantee that the person has good title. A Quitclaim Deed conveys the title exactly as the person or entity has. There are several reasons why one would consider a Quitclaim Deed, including the following:
- To convey or remove title so another party can refinance and get a mortgage in their name (and generally out of the other person’s name)
- To add a friend or family member (such as a spouse) to their house and real estate title
- To transfer an investment or vacation property to their LLC or Corporation
- To transfer their real estate to their Revocable Living Trust or otherwise known as a “Living Trust”
- To change the character of property ownership such as by tenants by entirety versus joint tenants
- To transfer property to a child or adult children
- To clear up real estate title issue(s)
What are Deeds in Trust?
A Deed in Trust is simply a transfer of real estate to a person’s Living Trust. Unlike a Quitclaim Deed, a Deed in Trust is the real estate form used to re-title somebody’s home or investment property into their own Living Trust. The purpose of the Deed in Trust is to re-title an asset to avoid probate court. With a Living Trust, it is vital to properly fund one’s trust which typically includes transferring one’s real estate interest into their respective Living Trust.
Gateville Law Firm concentrates in the areas of residential real estate and prepares real estate title transfers documents such as Quitclaim Deeds, Deeds in Trust, Trustee Deeds, and Administrator’s Deed among many other real estate deeds.
Unlike most real estate attorneys, Gateville Law Firm concentrates in real estate, estate planning and asset protection law. Most real estate lawyers understand real estate closings, but do not understand how Limited Liability Corporations and S corporations or Revocable Living Trust impact real estate ownership. Gateville Law Firm understands the difficult issues surrounding real estate ownership and assists real estate owners with their real estate legal needs.