Quit Claim Deed question

[CLJM]

What is the name of your state (only U.S. law)? Florida

A question, if I may.

Property is in 3 names JTRWOS. One party wants to quit claim their interest to the other 2 parties.

For proper wording for the Quit Claim.... would the First party include all 3 names and the 2nd party include only the 2 names (minus the one wanting to quit claim) ?

As in:
THIS QUIT CLAIM DEED, Executed this______day of _______ between 2 NAMES (husband & wife), whose mailing address is:____________ and 3 NAME (son), whose mailing address is _______________, Hereinafter called the First Party, and 2 NAMES, (husband and wife) JTWROS, whose mailing address is:______________, Hereinafter called the Second Party.

Thank you kindly

 

[adjusterjack]

It's better to have a general warranty deed instead of a quitclaim deed.

It's also better (and not too costly) to have an attorney draw one up to make sure it's right.

Even the slightest error could end up being financially catastrophic.

 

[justalayman]

Actually there is no reason to use a general warranty deed. Depending on all the facts a special warranty deed may be appropriate. Depending on how title came to be in the three names, a quit claim deed may be the most appropriate type of deed.

Also, if a married couple is taking ownership they may want to consider tenancy by the entireties rather than a jtwros

 

[FlyingRon]

Actually there is no reason to use a general warranty deed. Depending on all the facts a special warranty deed may be appropriate. Depending on how title came to be in the three names, a quit claim deed may be the most appropriate type of deed.

Also, if a married couple is taking ownership they may want to consider tenancy by the entireties rather than a jtwros

In Florida, property owned jointly by husband and wife (subject to a few constraints) are inherently by the entirety.

 

[justalayman]

In Florida, property owned jointly by husband and wife (subject to a few constraints) are inherently by the entirety.

Even if they specify jtwros as the op had posed?

 

[CLJM]

Thank you for the responses.

Home was built and titled in the 3 names: Husband and wife and the son, JTROWS in 2014. The son now wishes to remove his name. We think a Quit Claim is the most efficient way to go. Perhaps, "Tenancy by the Entitirety" is the better way to go.

As pertains to removing the JTROWS, is the "Tennancy by the Entirety" automatic or do we need to stipulate that in the Quit Claim Deed. If automatic, then no need to stipulate anything except the names of the husband and wife. The end result we want is for the husband and wife to own the home jointly and upon the passing of one spouse, for the remaining spouse to own the home without probate.

As in:
THIS QUIT CLAIM DEED, Executed this______day of _______ between 2 NAMES (husband & wife), whose mailing address is:____________ and 3rd NAME (son), whose mailing address is _______________, Hereinafter called the First Party, and 2 NAMES, (husband and wife) Tenancy by the Entirety, whose mailing address is:______________, Hereinafter called the Second Party.

OR:
THIS QUIT CLAIM DEED, Executed this______day of _______ between 2 NAMES (husband & wife), whose mailing address is:____________ and 3 NAME (son), whose mailing address is _______________, Hereinafter called the First Party, and 2 NAMES, (husband and wife), whose mailing address is:______________, Hereinafter called the Second Party.

Again, thank you for your help.

 

[latigo]

What is the name of your state (only U.S. law)? Florida

A question, if I may.

Property is in 3 names JTRWOS. One party wants to quit claim their interest to the other 2 parties.

For proper wording for the Quit Claim.... would the First party (sic] include all 3 names and the 2nd party[sic] include only the 2 names (minus the one wanting to quit claim) ?

As in:
THIS QUIT CLAIM DEED, Executed this______day of _______ between 2 NAMES (husband & wife), whose mailing address is:____________ and 3 NAME (son), whose mailing address is _______________, Hereinafter called the First Party, [sic] and 2 NAMES, (husband and wife) JTWROS, whose mailing address is:______________, Hereinafter called the Second Party. [sic]

Thank you kindly

The word "quitclaim" is one word, not two. Your words "party" where indicated should be in the plural, not singular. It obvious that you are unqualified for this task.

We don't draft legal documents for the convenience of others or for their amusement. Unless you are authorized to practice law in your state you have no business doing it for others. An attorney needs to become involved as there are areas of legal concern that you wouldn't recognize if they jumped up and hit you in the nose.

A warranty deed in lieu of quitclaim? Not if the grantor is simply releasing his undivided interest to the other co-tenants. Many of these estates in cotenancy are ill advisedly created through inheritance. So why would a devisee (an heir to land) want to guarantee and defend merchantable title to something that was dropped in his lap? Makes no sense. What's more an attorney that saddled his devisee /grantor/client with the burden of defending title to something gifted through an inheritance could find himself answering charges of professional misfeasance

THEN there is an area that no one has brought up which is the state of the property with regards to mortgages and other likely liens and encumbrances and the co-owners' respective responsibilities for there payment.

If a co-owner is legally bound to share responsibility for those costs and expenses, is he going to be so foolish as to quitclaim over his undivided ownership without the grantees agreeing to save and hold him harmless from future responsibility for those costs? And when needed that indemnity agreement needs to be included in the body of quitclaim deed as a stipulated condition to the grant. Not something floating about in a separate document.

 

[CLJM]

Thank you, ---yes, "Quitclaim", and Parties".

My question is NOT for"convenience of others" nor as an "amusement". This is also NOT a "co-tenant" situation. This is also NOT a situation of outstanding mortgages, liens, or encumbrances, and the son has NO responsibility for payment of any kind---no costs or expenses whatsoever.

This is a simple question as to the best wording to remove the son as co-owner, and to allow for the end result of the husband and wife to own the home jointly and upon the passing of one spouse, for the remaining spouse to own the home without probate.

Thank you again.

 

[FlyingRon]

Even if they specify jtwros as the op had posed?

I suspect your advice is right that they should specify entirety to be explicity. There is an presumption that a joint tenancy between married couples is intended to be by the entirety but it is subject to limits.

 

[CLJM]

So...is there a consensus to achieve the result we want ?: best wording to remove the son as co-owner, and to allow for the end result of the husband and wife to own the home jointly and upon the passing of one spouse, for the remaining spouse to own the home without probate.

THIS QUITCLAIM DEED, Executed this____day of ___ between 2 NAMES (husband & wife), whose mailing address is:____ and 3rd NAME (son), whose mailing address is ____, Hereinafter called the First Parties, and 2 NAMES, (husband and wife) JTWROS, whose mailing address is:____, Hereinafter called the Second Parties.


OR, THIS QUITCLAIM DEED, Executed this___day of ____ between 2 NAMES (husband & wife), whose mailing address is:___ and 3rd NAME (son), whose mailing address is ____, Hereinafter called the First Parties, and 2 NAMES, (husband and wife) Tenancy by the Entirety, whose mailing address is:___, Hereinafter called the Second Parties.

OR, THIS QUITCLAIM DEED, Executed this___day of ___ between 2 NAMES (husband & wife), whose mailing address is:____ and 3rd NAME (son), whose mailing address is ______, Hereinafter called the First Parties, and 2 NAMES, (husband and wife), (nothing need be stipulated) whose mailing address is:____, Hereinafter called the Second Parties.

Your responses are very much appreciated. Thank you.

 

[justalayman]

As flyingron stated, tenancy by the entirety is the default status of title is taken by a married couple (if not otherwise specified) but in the legal world it is never a bad idea to be specific. I suspect if there is an issue in the future where a creditor may seek to force liquidation of the asset they would argue the couple specifically listed it as joint tenancy and ask the courts to accept their own statement.

There are often templates available online.

Be warned; errors can be very difficult and expensive to correct. The cost of a deed from an attorney is not a lot of money.

 

[STEPHAN]

Property is in 3 names JTRWOS. One party wants to quit claim their interest to the other 2 parties.

What is your position in this?

 

[CLJM]

What is your position in this?

I am the wife of the husband and we are the parents to the son.