Property deed question

[SoCalDave]

We have pultiple family members on a property deed and five of the peeps want to gift their share to another family member. Does it require for an escrow service to be involved or is this something that can be done and recorded without escrow services.
TIA

 

[COCA COLA COWBOY]

You can all quitclaim your interest to the other party. You can download the quitclaim deed, fill it out and have a notary sign each of you. You could have a good agent broker, escrow officer, etc help you as well. Once notarized, the deeds need to be recorded with the county.

 

[530RL]

You can simply record a quit claim deed.

However if you pay a minimal fee and go through an escrow agent, you might avoid a hassle in the future as the new title insurance provider may want to confirm the quitclaim deeds were not fraudulent which could be hard if they are no longer around or dead.

All this fraud stuff has made for picky requirements on schedule A of new transactions.

At minimum I would have a signed written and notarized contract between those that are giving their interest so that you can have that as additional proof.

Even something simple would be helpful.

 

[Tamalewagon]

Go down to the County Recorders office and file the Quit Claim's yourself and save some $. It's a simple process.

 

[X Hoser]

We have pultiple family members on a property deed and five of the peeps want to gift their share to another family member. Does it require for an escrow service to be involved or is this something that can be done and recorded without escrow services.
TIA

Is there a loan on the property? If there is it may have an effect on the loan? Also, if the one family member will be the sole owner of the property, they may want to change how they hold title to the property. Just thinking out loud! Me personally, I’d hire the services of an Escrow/Title company, but I’m usually overly cautious!

 

[C_J_J_C]

So many questions.......but to answer your question it can be done by a notarized quick claim form.

That being said, I woukd use an escrow company and I would even buy a title policy. The word "family" is scary.

 

[C-2]

As 530 mentioned, without title insurance it could be problematic in the future, especially if one of the parties disclaiming/gifting their interest dies before there are any other future transactions for the property. If doing it yourself, be sure to research "joint tenants" versus "tenants in common."

 

[SoCalDave]

Thanks guys.
Property is owned free and clear...as I suspected we'll be going through escrow...