What's a Quitclaim?

[CindiW]

Jurisdiction

Florida

I have a deed to my condo which I inherited from my parents. It also has my husband's name on it as a joint party. I need to figure things out about a will or a living trust. We don't have any children and do not want to leave it to any relatives, but do have a friend we can trust who will help properly dispose of it should we need him to. Someone suggested a quitclaim but I really don't know too much about it.

 

[justblue]

I have a deed to my condo which I inherited from my parents. It also has my husband's name on it as a joint party. I need to figure things out about a will or a living trust. We don't have any children and do not want to leave it to any relatives, but do have a friend we can trust who will help properly dispose of it should we need him to. Someone suggested a quitclaim but I really don't know too much about it.

Please clarify why someone suggested a quitclaim. Signing a quitclaim is not a good idea without first consulting an attorney that is hired by YOU with your interests in mind.

You should consult with a local Estate Planning Attorney.

 

[army judge]

I have a deed to my condo which I inherited from my parents. It also has my husband's name on it as a joint party. I need to figure things out about a will or a living trust. We don't have any children and do not want to leave it to any relatives, but do have a friend we can trust who will help properly dispose of it should we need him to. Someone suggested a quitclaim but I really don't know too much about it.

A LICENSED FL attorney explains "quitclaim deeds" in your state:

Understanding A Florida Quitclaim Deed | Florida Real Estate Lawyer

 

[zddoodah]

I have a deed to my condo which I inherited from my parents. It also has my husband's name on it as a joint party.

So...just to clarify: The executor of the estate of your second of your parents to die executed and recorded a deed passing title from the estate of the second deceased parent to you and your husband. Correct. Do you and your husband hold title as joint tenants? Tenants in common? Tenants by the entirety? Something else?

We . . . have a friend we can trust who will help properly dispose of it should we need him to.

Not really sure what this means. "Properly dispose of" is a term typically used in connection with radioactive and other hazardous waste. What exactly do you want to happen to the condo and your assets after you die?

Someone suggested a quitclaim but I really don't know too much about it.

"Quitclaim" is an adjective, not a noun. A quitclaim deed is a deed by which the grantor gives title to the property described in the deed to the grantee, but without any warranties of title or otherwise. Stated differently, a quitclaim deed says, in effect, "if I have any interest in this property -- and I'm not representing or guaranteeing that I do -- I hereby give that interest to you." I'm at a loss to understand why this person might have "suggested a quitclaim," but it has nothing whatsoever to do with the situation you described.

If you're concerned with what happens to your assets once you die, you and your husband should consult with a local estate planning attorney.

 

[adjusterjack]

I'm at a loss to understand why this person might have "suggested a quitclaim,"

Possibly because the person is not a lawyer, is clueless, and should not be consulted on estate, nor any other, matters.

 

[army judge]

Possibly because the person is not a lawyer, is clueless, and should not be consulted on estate, nor any other, matters.

Good answer.

One other possibility comes to mind.

The person might have graduated law school, passed a bar exam, even practices law, BUT is a crappy lawyer.

Crappy lawyers do exist, as do crappy "fill in the blank with any occupation".

 

[CindiW]

Please clarify why someone suggested a quitclaim. Signing a quitclaim is not a good idea without first consulting an attorney that is hired by YOU with your interests in mind.

You should consult with a local Estate Planning Attorney.

OK, thanks. So now what I meant was if we need to sell or rent the condo should we need to go into an assisted living place. The friend could be responsible for renting it during that time. Or if we should die then we give it to our friend and he can do with it what he wants.

 

[CindiW]

Please clarify why someone suggested a quitclaim. Signing a quitclaim is not a good idea without first consulting an attorney that is hired by YOU with your interests in mind.

You should consult with a local Estate Planning Attorney.

Yes -- I guess I need to see an attorney -- thanks for the jokes, guys, I mean a real attorney. Capable. Etc. I saw a sign on a window next to the pizza place I go to sometimes, just noticed it -- REAL ESTATE ATTORNEY. Deeds, trusts, etc. So -- maybe I'll go there. ha really just almost kidding. Ya never know...

 

[justblue]

Yes -- I guess I need to see an attorney -- thanks for the jokes, guys, I mean a real attorney. Capable. Etc. I saw a sign on a window next to the pizza place I go to sometimes, just noticed it -- REAL ESTATE ATTORNEY. Deeds, trusts, etc. So -- maybe I'll go there. ha really just almost kidding. Ya never know...

Here is a link to the Florida Bar Association. Call the bar and ask for several referrals for Estate Planning Attorneys.

 

[welkin]

OK, thanks. So now what I meant was if we need to sell or rent the condo should we need to go into an assisted living place. The friend could be responsible for renting it during that time. Or if we should die then we give it to our friend and he can do with it what he wants.

While you or your husband are alive you can give your friend a Power of Attorney to rent sell and pay the bills for the condo. You don't need to deed the property to your friend to accomplish that.

Upon your and or your husband's death, you can deed the property to the friend in a will.

Speak to an attorney.

 

[zddoodah]

what I meant was if we need to sell or rent the condo should we need to go into an assisted living place.

If you're going to rent the condo, you certainly would not use a quitclaim deed. If you sell it, a buyer (and the buyer's lender) almost certainly would insist on a warranty deed or grant deed.

The friend could be responsible for renting it during that time.

Wait...what? Your "friend" wants you, in effect, to give him the property? Your friend certainly could act as a property manager, but there's absolutely no good reason to deed the property to him.

if we should die

If?

then we give it to our friend and he can do with it what he wants.

If you want to leave this condo to your friend upon both of your deaths, that's what wills and trusts are for.

I strongly urge you to consult with an estate planning lawyer.

Possibly because the person is not a lawyer, is clueless, and should not be consulted on estate, nor any other, matters.

Upon reading the OP's follow up post #7, I'm thinking it might be something more nefarious.

 

[CindiW]

OK, I guess I don't understand what a quitclaim involves.

 

[CindiW]

While you or your husband are alive you can give your friend a Power of Attorney to rent sell and pay the bills for the condo. You don't need to deed the property to your friend to accomplish that.

Upon your and or your husband's death, you can deed the property to the friend in a will.

Speak to an attorney.

OK, I can make out a financial DPA I guess.

 

[Tax Counsel]

OK, I guess I don't understand what a quitclaim involves.

A quit claim is simply a deed you give to the other person that transfers whatever interest (if any) that you have in the property. Thus you give up, or quit, any claim you have to the property in favor of the person to whom you give the deed.

 

[zddoodah]

OK, I guess I don't understand what a quitclaim involves.

A quitclaim deed is a deed by which the grantor transfers an interest in real property to the grantee. Unlike a grant deed or warranty deed, it carries no warranties regarding title or anything else. Essentially, a quitclaim deed says: "IF I have any interest in this property -- and I'm not representing that I do, and you should not assume that I do -- I transfer that interest to you."

As you've been told several times -- more than a month ago now -- and as you acknowledged, you need to consult with an estate planning attorney.

 

[CindiW]

While you or your husband are alive you can give your friend a Power of Attorney to rent sell and pay the bills for the condo. You don't need to deed the property to your friend to accomplish that.

Upon your and or your husband's death, you can deed the property to the friend in a will.

Speak to an attorney.

ok, thanks for explaining that.