Should I obtain a quit claim deed?

A quitclaim deed is an instrument by which a grantor transfers only the type of ownership interest held at the time of transfer.  It comes with no warranty or guarantee that the grantor has good title to the property.  Thus, a grantor may want to do a full title search to determine all relevant interests and encumbrances prior to executing a quitclaim deed.  Other issues that arise from the use of a quitclaim deed in this type of scenario include realty transfer tax implications and how to protect the grantor’s life interest in the property.  It is strongly recommended you seek the advice of an experienced attorney before proceeding. Another consideration is that a quitclaim deed may not be sufficient to protect property from the distribution of assets upon death.  Under New Jersey’s elective share statute, a decedent’s spouse may be entitled to receive one-third of the estate.  The surviving spouse can look to recover from real property if not adequately provided for through alternative means. For the most effective solution to your situation, it is best to seek advice from a qualified attorney who can draft a will or prenuptial agreement that can better meet your needs and protect your interests. This does not constitute legal advice and is given for informational purposes only. Before providing legal advice I would need to evaluate your situation more fully and research any additionally applicable law. If you would like to discuss your situation, please give my office a call to set up a free initial consultation. Colby & Associates, LLC73 Church StreetNew Brunswick, NJ 08901www.colbyandassociates.com732-609-3915