Quit Claim Deeds in Wisconsin
Guide to Quit Claim Deeds in Wisconsin
If you are thinking about transferring a piece of property, especially to a close relative or to a corporation you own, you may have heard of a quit claim deed. Deeds are a legal requirement for transferring property from one person or entity to another, and a quit claim deed is a specific type of deed used in limited circumstances. This guide will explain what a quit claim deed Wisconsin is, and why you might want to use a quit claim deed for your property transfer. You will also learn how to properly record your quit claim deed so that it is legally valid.
What are Quit Claim Deeds?
A deed is a document that transfers one person or entity's piece of real estate (sometimes called “real property”) to another person or entity. Most of the time, a deed guarantees that the person who is selling the property actually owns and holds clear title to the property. However, a quit claim deed is a special type of deed that does not make any sort of warranty or guarantee about the property.
Instead of actually selling the property itself, the quit claim deed establishes that whatever interest (or “claim”) the seller previously had in the property is being sold, but makes no guarantee of whether the property was actually owned by anyone in particular. This means you could be “sold” something without any value at all, if the person didn't actually own the property they said they did. For this reason, a quit claim deed Wisconsin is usually only used when the two parties are either the same person (usually an individual and his or her corporation) or are very closely related.
Should I Use a Quit Claim Deed Wisconsin?
Quit claim deeds are used in several different circumstances. They provide a very easy and fast way to deed a piece of property, and if you can be certain the title is clear or you are aware of any issues with the title, you may want to use a quit claim deed Wisconsin. Some circumstances where quit claim deeds are commonly used include:
ñ Divorcing spouses often draft a quit claim deed Wisconsin to give one person sole ownership of property.
ñ Parents giving property to children can use a quit claim deed to avoid legal liability for the property in the future.
ñ For tax or liability reasons, transfers of property between an individual and corporate entities controlled by that individual are often handled with a quit claim deed.
Normally, you will have no need for a lawyer when filing a quit claim deed Wisconsin, but if you are considering a quit claim deed in circumstances significantly different from those listed above, you may wish to consult a lawyer about other deed options that give you more legal protection.
Recording Your Deed
After your quit claim deed Wisconsin has been filled out and notarized (which verifies the identity of the parties on the deed), you will have to file it with the county recorder. This is a person who maintains files of deeds for the county, and this recording is necessary for your deed to be considered valid. Typically, it is very inexpensive to record a deed, and your total costs will probably not exceed $30.
