Yonkers Real Estate Attorney: Deed Transfers Among Family Members

not Aldi transfers take place between

strangers buying and selling property

instead many d transfers take place

between family members for violating

reasons that include estate planning

asset protection gifting and divorce in

this video I will discuss what a

quitclaim deed is describe some of the

situations in which it is used and

highlight some information that should

be considered before executing a

quitclaim deed as you may know a real

estate deal is a legal document that

transfers title of real property and

provides proof of ownership there are

several different types of deeds that

are used in transferring ownership

interest in property however a quick

claim deed is often used to transfer

ownership of property between family

members or entities a quick claim deed

does not provide the security measures

that other deeds may have since it does

not contain any guarantees or warranties

that the conveyor owns or has authority

to convey the property it's simply the

owner giving whatever interest he or she

has in the property this may not be a

smart option for strangers buying and

selling property from each other but as

a faster and less expensive option for

family members that trust each other and

want to keep a piece of property within

the family quitclaim deeds are commonly

used in property transfers between

spouses siblings parents children or

related entities for state planning

purposes or purely to give a generous

gift usually in a quitclaim deed

transaction among family members there

is little or no money involved in the

transfer and the parties decide not to

perform title searches or get title

insurance if you have a home or a piece

of property that you want to give to

your children but want to continue to

live in the home or occupy the property

during your lifetime you can execute a

quick claim deed that reserves a life

estate for yourself a life estate will

give you the legal right to possess the

property until you pass away this will

allow you to remain in your property but

have a peace of mind that the property

will ultimately go to your family quit

claim deeds are also used to transfer

property between spouses going through a

divorce this situation arises when a

couple owns property together but

pursuant to a divorce or other agreement

it is decided that one spouse will take

the property executing quitclaim deed

will give one spouse the entire interest

in the property but if there is a

mortgage on the property that is signed

by both spouses it will not relieve the

other spouse from his or her financial

obligations so even if one spouse does

not have the ownership he or she is

still obligated to make the mortgage

payments until it is paid off or new

loan is taken out that does not include

him or her as a mortgage or whether or

not you should transfer property by a

quitclaim deed depends on several

factors including your property interest

relationship with the parties involved

type of property financial obligations

attached to the property offending in

addition to those factors it is

important to consult with your

accountant regarding any transfer of

assets because of the tax implications

that could be involved the attorneys at

James gdb kneeing associates have over

20 years of experience counseling and

representing clients and D transfers

real estate transactions and estate

planning let us help you we can work

with you in determining the best legal

strategy to use in transferring your

property please contact our office to

learn more about the quitclaim deeds and

other options available to you regarding

the transfer of your property thank