At a recent Real Estate Conference I attended, the speaker, an attorney and long-time owner of a Title Company, talked about using a Quit-Claim Deed to transfer property. I’m writing this post because I’ve spoken to several people who have used Quit Claim deeds to transfer property to their family members. It’s important to know that in-so-doing, Title Insurance on the property is cancelled, according to this speaker. In effect, if property is transferred using a Quit Claim Deed, the pre-existing Title Policy is cancelled. Click here for more info.
My father always said to me that professional specialists such as CPAs, Attorneys, and, if I may say, Real Estate Agents don’t cost you money, they SAVE you money! Before transferring property to a family member, check in with one or all of these professionals mentioned above. There can be tax or legal implications that you are not aware of and can cause major headaches down the road.
Watch this short clip to learn more about Quit Claim Deeds to transfer property.