The title of a property refers to the ownership interest in the asset. If someone holds title to real estate, that person has the legal right to own, use, occupy, and sell a property. To transfer the title of a property, the owner must use a deed.
Is it possible to avoid probate in Florida with a quitclaim deed? Read on to find out.
Florida Quitclaim Deeds – Understanding the Concept
In this process, the title of the deceased’s property must be transferred to the name of the new owner through a deed. Several deeds are available for different purposes, including quitclaim deeds. Quitclaim deeds are deeds used to transfer whatever interest an owner has in a property.
This type of deed offers no guarantees or promises from the grantor. Considering there are no covenants or warranties, the new owner cannot sue the owner if the title has encumbrances or clouds.
Considering the particularities involved in this type of deed, they are only used in non-traditional sales. For example, a quitclaim deed is often used to transfer property from a family member to another or when a trustor is transferring a property to a trust.
When executing a quitclaim deed, the person writing the document must include:
- The name of the party transferring the title (grantor)
- The name of the party receiving the title (grantee)
- The property’s legal description
- The date of the transfer of title
- The county where the property is located
Depending on the circumstances, it may be necessary to include the purchase price paid for the grantee for the property. Generally, the parties involved in the transfer and the witnesses must sign the deed in front of a notary.
Once the document is properly notarized, it must be recorded with the clerk in the county where the property is located.
Before executing a quitclaim deed, it is fundamental to consult with an expert attorney to identify whether it is an ideal option for your case.
Is it Possible to Avoid Probate in Florida with a Quitclaim Deed?
Depending on who receives the title of a property through a quitclaim deed, the property does not need to go through probate. If the quitclaim deed is used to transfer a property to a trust, the property is not subject to probate.
Properties owned in joint tenancy with rights of survivorship or tenancy by the entirety do not need to go through probate, as the surviving owner is entitled to the decedent’s ownership share.
No matter the type of deed used to transfer the property, these types of ownership can help Florida residents to avoid probate. Real property is subject to probate if the title is solely in the owner’s name at the time of death. In such cases, the property must go through probate.
During probate, the court will designate a personal representative to administer the decedent’s estate and distribute the remaining assets to their rightful owners.
The personal representative is responsible for executing a new deed to transfer the property from the decedent’s name to the new owner.