Legal Question in Real Estate Law in Minnesota
What is a quit claim deed? What are the advantages/disadvantages to either party? I am recently divorced and have been awarded the house, but the transfer doesn't take place for 2 years. My ex has filed a quit claim. Why has he done this? What does it mean to me?
1 Answer from Attorneys
A quit claim deed is just the name for a type of deed that transfers whatever ownership the person giving the deed (the grantor) has to the getting the deed (the grantee). So, if your ex has really filed (with the County Recorder) a quit claim deed transferring the house to you, you now own it subject to whatever mortgages or encumbrances may exist. However, I don't understand what you mean when you say "the transfer doesn't take place for 2 years" and suggest that you talk to your divorce attorney. Maybe you have some obligation under the divorce decree that you have to perform in 2 years.