5 Things to Consider when Preparing a Quit Claim Deed
If you want to transfer interest in your property to someone, a document you might have to prepare is a Quit Claim Deed. A Quit Claim Deed is a document that falls under real property law; therefore, it is suggested that a transferor seek legal advice before conveying the property. The Orlando Florida real estate attorney at the law office of Nishad Khan PL are renowned for their expert services to clients like you. Therefore, before you commence preparation of a Quit Claim Deed, it is important to confer with an attorney so that you have an understanding of any potential risks involved with conveying the property. Here are five things to consider when preparing a Quit Claim Deed.
1. Is there a mortgage on the property?
A mortgage is a property encumbrance that must be addressed either before or at the time you transfer your property via Quit Claim Deed. By consulting with an attorney from Nishad KhanPL you will get advice on how to deal with the mortgage and with any applicable transfer taxesbefore you start preparing a Quit Claim Deed.
2. Consider the effect of the transfer in case of death, divorce
Your Orlando Florida real estate attorney will help you understand how events like death and divorce may affect any transfer of real property and what should be done to ensure that there is a proper conveyance before you start preparing a Quit Claim Deed.
3. Contact the Association for approval
In the event the real property you are transferring is part of a Homeowners or a Condominium Association, it is important to remember that there may be certain restrictions in place, which would need to be addressed with the applicable Association before you convey the real property. It is recommended that you contact the applicable Association or an Orlando Florida real estate attorney to confirm how any of the applicable Association’s governing documents may affect any transfer before you start preparing a Quit Claim Deed.
4. Proper execution of the deed
The execution and delivery of the Quit Claim Deed is what legally effectuates your willingness to convey your interest in the real property. If you don’t know how to properly proceed with the execution of the Quit Claim Deed, an Orlando Florida real estate attorney will have the knowledge needed to guide you.
5. Make sure you don’t lose any homestead rights
If you intend to convey your homestead property, you will need to be cognizant of the potential risks involved with doing so. Improperly transferring your homestead property may put you at risk of losing your homestead exemption from creditors’ claims and/or your homestead tax benefits. With your attorney’s help from Nishad Khan PL maintaining your homestead rights is among the things that will be thoroughly analyzed and addressed.