Quit Claim Deed in Florida

A Florida quit claim deed allows a person to transfer their property to an individual or entity without title guarantees or warranties.

A quit claim deed is the easiest way to change property title in Florida. This type of deed is used to (1) add or remove family members from the title, (2) transfer property to an LLC, (3) transfer property to a living trust, and (4) remove an ex-spouse from the title.

Requirements

To be valid, a Florida quitclaim deed must include the name of the grantor, the amount of consideration, the formal legal description, and the signature of the grantor. It must be signed by two witnesses and a notary.

What Is a Quit Claim Deed?

A quit claim deed is a way to transfer real estate to another person or entity. The person receiving the property is called a grantee.

The quality of title that the grantee receives from a quit claim deed depends on the quality of title that the grantor has.

Advantages

In Florida, quitclaim deeds can be executed quickly since they do not require a title search and are less expensive than other deeds.

Disadvantages

The main disadvantage of a quit claim deed is that it lacks the title guarantees of a warranty deed. An unrelated buyer paying money for a property should never accept a quit claim deed.

Steps to Using a Quitclaim Deed

To transfer property with a quitclaim deed, you must:

1. Draft the deed with the correct legal description.
2. Sign the deed with two witnesses and a notary.
3. Deliver the deed to the grantee.
4. Record the deed in the county records.

Adding a Name to a Deed in Florida

The simplest and least expensive way to add a name to a deed in Florida is with a quitclaim deed.

Most people use quitclaim deeds to add a family member or business partner to the property title. To add a name to a deed, a person must (1) enter the relevant information on a quitclaim deed form, (2) sign the deed with two witnesses and a notary, and (3) record the deed at the county comptroller’s office.

Reasons to Add a Name to a Deed

Here is why you should consider adding a name to a deed in Florida.

1. Facilitates Inheritance

Adding a name to a deed can be a simple way to ensure the desired inheritance of your property.

2. Asset Protection

You can add your spouse to the deed. Married couples can own Florida real estate as tenants by entireties.

3. Relationship Changes

A quitclaim deed can be used to add a new spouse to their separate property.

Quitclaim Deed After Divorce

A quitclaim deed can be used to transfer property after a divorce pursuant to a marital settlement agreement or divorce judgment.

The quitclaim deed transfers all interests that one spouse has in the property to the other spouse, and the transferring spouse complies with the terms of the divorce order or agreement.

Can You Use a Quitclaim Deed if You Have a Mortgage?

You can use a quitclaim deed in Florida even if the property is encumbered by a mortgage. The quitclaim deed does alter or transfer the mortgage and does not change personal liability to pay the mortgage note.

Cost of a Quitclaim Deed in Florida

Quitclaim deeds cost $400. Recording fees are extra.

How Are Quitclaim Deeds Taxed?

Quitclaim deeds are taxed based on the consideration paid for the property. For properties with a mortgage, this means the amount of money you still owe on the mortgage.