Quit Claim Deed
Florida Quit Claim Deeds
Florida quit claim deeds transfer the title of real property from a grantor, the current owner, to someone else, a grantee. When a grantor has a legal title that is considered valid and good, and that does not carry encumbrances, a quit claim deed will transfer the Grantor’s interest in the property. However, quit claim deeds may be considered ineffective if the grantor does not actually have a valid title to the property. In Florida, a quit claim deed is usually used to transfer property to the grantor’s family, trust, or LLC.
Florida Quit Claim DeedFLAT FEE*
* Includes the recording fee. Some deeds require payment of a transfer tax to the State of Florida.
Quit Claim Deeds vs. Warranty Deeds
Property owners can transfer their property using either a quit claim deed or a warranty deed. The difference between the two is that warranty deeds guarantee, or warranty, that the grantor already has a valid title to the property. A quit claim deed will not provide such a guarantee. This lack of a guarantee is the reason people typically use quit claim deeds to transfer property to their own LLC or a family member. When property is being transferred to non-relatives, a quit claim deed is usually not appropriate.
Filing a Florida Quit Claim Deed
To prepare a quit claim deed, you must first complete the deed form. You will need the names, addresses and marital status of the grantor(s) and the grantee(s), as well as a homestead declaration if the property is the residence of the grantor. Once signed by the grantor, two witnesses and a notary, the quit claim deed must be taken to the comptroller’s office for recording in the county where the real property is located. Let us prepare your deed, and once executed, we will record it for you.
Quit Claim Deeds and Mortgages
It is possible to use a Florida quit claim deed when you have an existing mortgage on the property. However, it is crucial to understand that the deed will not transfer the home loan. You will still be responsible to the original lender for paying the remaining balance on the mortgage, even after the property is transferred. Worse, if the lender discovers that you have transferred the property before paying the mortgage in full, they could require you to pay the entire loan amount immediately. If the mortgage payments continue to be made on time, the lender is not likely to call the loan due.
Documentary Stamp Taxes (Transfer Tax)
As with all Florida deeds, depending on the circumstances and facts surrounding the deed transfer, Florida documentary stamp tax may be due. There are many exceptions but be sure to confirm whether or not the tax may apply. The transfer tax can be substantial so caution is advised before executing your deed. Failure to pay documentary stamp tax penalties are severe. Let us guide you regarding any taxes that might be due.
We Can Help with Your Florida Quit Claim Deed
If you need to transfer property and think a Florida quit claim deed is appropriate, let us help you confirm that it is the correct deed for your circumstances. We will provide the deed you need and help ensure the process is as quick and efficient as possible.
Prepare Your Florida Quit Claim Deed
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