Quit Claim Deed:
See Session & Pricing Below:
A Quit Claim Deed allows you to either place other individuals on the title, or you can transfer the home under your personal Trust. This Deed is simple, and ownership is immediate.
Advantages: In the event any complication should arise, either the Trust or added individuals have immediate right to title and no paperwork is necessary. Deeding a home to a Trust has no negative impact of your homestead exemption. Upon your passing, title of the home transfers immediately to the beneficiaries nominated in your Trust, thus avoiding probate and creditors entirely.
Disadvantages: None, if the home is titled under the Trust. In the event we add other individuals to the title (not the Trust), if you wish to sell, refinance, etc the home, the other’s signature/consent would be required. With a quit claim deed, a document stamp fee via the county would be due at the time the deed is filed, we will always calculate the document stamp fee to the county prior to moving forward.
Lady Bird Deed:
Also known as an Enhanced Life Estate Deed, allows title to transfer directly to the named bearers upon the passing of the current title holder.
Advantages: The named individuals have no stake in the title during the lifetime of the grantor; therefore, the grantor can sell or transfer the home freely. A document stamp fee is not due at filing, rather is due at the time of the grantors passing.
Disadvantages: The home may still be subjected to probate upon your passing under specific circumstances. Few title insurance companies will not honor a Lady Bird Deed. If your loved ones wish to keep a Trust intact along with the benefits, they would need to file a separate deed to transfer the home into the Trust.
Session & Pricing:
Quit Claim Deed: $205.00 (& recording fee $85.00) Keep in mind there may be a seperate County Document Stamp Fee payable to the County Clerk.
Lady Bird Deed: $205.00 (& recording fee $85.00)