Even the most amicable divorce can be an emotionally trying experience. A once happily married couple now finds themselves at odds and enduring the difficult task of dividing up their once shared property. Suppose the parties agree to an arrangement to divide the property, per the divorce settlement. Say the parties own real property and suppose that property is in the husband’s name. Per the judgment of divorce, the husband must convey title to the real estate to his soon to be ex-wife. The easiest way to accomplish this is by the husband granting the wife the real property via a quitclaim deed.
The philosophy of a quitclaim deed is that the grantor of the real property “quits” his or her claim to the property, thereby allowing another party to take the property via a transfer. A quitclaim deed requires that the grantor signs it and states a grantee. A notary must notarize the deed. There is no need for the grantee to sign the deed. Once accomplished, the deed is valid. The grantee can then provide the fully executed deed to the county clerk and recorder where the property is located to record the real estate as property of the grantee.
Suppose a piece of real property is in the name of the husband and wife and the husband agrees to transfer the property to the wife. A husband can simply provide her with a quitclaim deed that he no longer has interest in the property. This is quick and easy and allows for a smoother transition.
Similarly, suppose two people marry. As one unit, they want to have joint ownership of their property. To that end, each one can devise his or her personal real property to the other for joint ownership via a quitclaim deed to the new spouse.
Quitclaim deeds can be relevant in tenancy in common and not as relevant for joint tenancy. A tenancy in common is where people, say a husband and wife, own a property. It can be that each enjoys full and equal use of the property despite one party actually owning a larger piece of that property. Upon the death of one party, the interest of that person will go to that person’s heirs. A quitclaim deed prior to death can help for a smooth and easy transition to the surviving spouse. By contrast, a joint tenancy means that upon the death of one spouse, the other spouse automatically owns the entire property.
In Colorado, a tenancy in common is assumed unless the parties stipulate that the property is owned in joint tenancy.
Colorado law requires that those who devise a property via quitclaim deed valued at $500 or more attach a form TD-1000 to the quitclaim deed when submitting to the county clerk. A TD-1000 is a Real Property Transfer Declaration. This document is used by the Tax assessor, who determines taxes in part based on property value.
For questions about quitclaim deeds or other real estate legal needs in Colorado, contact the Law Offices of Eric L. Nesbitt, P.C. at 303-741-2354 or Info@NesbittLawOffices.com.
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