Dear Juris Doctor;
My friend mentioned she received ownership of a property from her father with a Quick deed. I have never heard of it. What is it?
Diana in Palm Beach Gardens
Dear Diana;
I often hear people discussing Quick Claim Deeds but they are actually referring to Quit Claim Deeds. Since Quit Claim is not an expression you hear every day, some people assume it is a word with which they are familiar and call them Quick Claim. The words, Quit Claim, are derived from old French, “quiteclamer,” translated “to declare free.”
There are different types of deeds in the transfer of real property. The most common in real estate sales is the Warranty Deed in which the seller covenants that he/she/it has the right to convey the property, defends the title against all claims along with other guarantees.
In a Quit Claim Deed the person transferring the interest in the real property is conveying his/her interest but does not warrant or claim that the title is valid. The transferor is basically saying “whatever interest I have, I am transferring but there is no guarantee that I have an interest.” Family members often transfer interests between themselves with a Quit Claim Deed. There is often no title research conducted between the parties to those transfers.
In Florida, the State Department of Revenue monitors deeds that are recorded in the public records- so it is important to determine if the documentary stamp tax is due at the time a deed is recorded. Penalties and interest will be assessed by the Department of Revenue if the stamp tax is not paid at the appropriate time. I have seen letters prepared by the Department of Revenue 2 or 3 years after a deed is recorded questioning why no stamp tax was paid. A Florida real estate attorney can advise you which circumstances require the payment of the stamp tax when a deed is executed and recorded.
Sincerely, J.D.
P.S. Please forward any real estate legal questions to me at my email address.
