A Florida quitclaim deed is a legal document that is used to transfer ownership of a piece of real estate from one person to another. This type of deed is also used to correct the misspelling of an owner's name and to remove a joint owner who no longer has any interest in the property. There is a cost to transfer a deed to another person, as well as to remove an individual from an existing deed, and it is good practice to know these fees before beginning the process.
Quit Claim Deeds Explained
It is important to understand the terms found within the quitclaim deed, as well as what the deed does and does not do. Each deed includes the grantor (the person giving the property), and the grantee (the person receiving the property). In some cases, the deed refers to the grantor as the first party and the grantee as the second party. While the deed will change who is listed as the property owner, it does not offer any buyer protection or any guarantees that the title is clear.
Quitclaim Deed Uses
The most common use of quitclaim deeds is to transfer property between family members. For example, an aging parent may wish to give the family home to their child or a wife may want to add her new husband after their wedding. Additional uses include removing an ex-spouse after a divorce, adding or removing a business partner or transferring a property to a living trust.
Filling Out a Quitclaim Deed
Fortunately, filling out a quitclaim deed is fairly simple. You can obtain the deed from an attorney, the clerk of court's website in your county or through a variety of legal websites that offer downloadable forms. Even some real estate agents can also help you obtain a quit claim deed form.
Each form requires the property appraiser’s parcel identification number, information on the individual preparing the form and information on the grantor and grantee. There will also be a space for writing out the address of the property that is being transferred. If any money was exchanged to complete this transaction, it must be disclosed on the form.
Notarizing a Quitclaim Deed
Every Florida quitclaim deed has a section at the bottom that must be filled out by a notary public. Any and all grantors listed on the deed must sign the document in front of the notary and present valid forms of identification. The notary's job is to verify that the grantors are who they say they are and that they signed the quit claim deed of their own free will. The notary will date and sign the form so that it is complete and ready for filing. It is important to note that almost all notaries charge a minimal fee for their services. You can find a notary at your local bank, library or county clerk's office.
Filing a Quitclaim Deed
Completed quitclaim deeds must be taken to your county clerk or county recorders office to be filed, and you may have to pay a quitclaim deed cost. Each county within Florida is permitted to create their own charges for recording deeds; however, most counties have similar fees. A quick claim deed in Orange County, Florida, costs $10 for the first page, $8.50 for every page after that and $1 for each name after the first four names. Palm Beach County, Florida, assesses the exact same fees.
Florida also charges a Florida Documentary Stamp Tax on any monetary transfers listed on the quitclaim deed. The standard rate is $0.70 for every $100. That means an individual would have to pay a tax of $700 on a $100,000 property transaction. The good news is that many families use quitclaim deeds to transfer property without charge. In that case, there would be no tax due.
Alicia Bodine is a New Jersey-based writer specializing in finance. With more than 13 years of experience, her work has appeared in LendingTree, GoBankingRates, Sapling, Zacks and budgeting.thenest.com.