Legal Question in Real Estate Law in New Jersey

Re: quick claim deed

The procedure is simple, just a new Deed, signed by them and notarized, to be recorded. The problem is possible Medicaid repercussions. Depending on the value of the house, there is a look-back period that Medicaid might invoke if one of them were to apply for assistance in the future. Maximum look-back is 3 years. Contact me if you need more information.

Re:

First of all, there is no such thing. You are talking about a "Quit Claim Deed" which transfers the interest of the owner of the property to another. While the basic procedure seems simple (the signing and filing of a new deed), you need to understand the legal ramifications of same, which include rights and obligations under Estate Planning laws as well as certain tax considerations. You should not do this transaction without the input of an attorney. Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. Since it appears that you have not retained an attorney, you may want to contact a real estate attorney (either me or someone else) to discuss your matter in more detail. Only then will you be able to rely on the advice. If you call me, [856-546-8010] mention Law Guru and your first one hour consultation will be free. Good luck! Rob Gleaner

Quitclaim Deed

A quitclaim deed is a deed without warranties. Essentially it says "I give you whatever interest I have in this property."

It is a common means of transfer among family members.

I urge you to think about the reasons for this. If the reason for the transfer is because your parents have substantial debts and are seeking to avoid their creditors, the the transfer might be considered to be a "fraudulent conveyance" and subject to a judgment even though title is in your name.

You also need to ensure that the property is not encumbered in any way, such as by a mortgage.

If you have the current deed, preparation of a quitclaim deed is easy; it is almost an adminstrative process although any responsible lawyer will want to look at some other things.

Call if you need help.