Legal Question in Real Estate Law in New Jersey

Re: quick claim deeds

A quitclaim deed is a document that transfers an ownership interest in real property without giving any warranty of title. It essentially says "I'm not saying that I have any interest in this property, but whatever I have, I transfer to you." The transfer can be partial. It is a common device to exchange an interest in realty between related parties.

To do what you propose, it is your husband that would have to grant the deed.

That said, what you propose is probably not a good way to accomplish what I think is your purpose.

1. If your property is mortgaged, such a transfer probably violates the provisions of the mortgage and the underlying note and may trigger a foreclosure.

2. The transfer to your children will probably be deemed by the IRS to be a gift. If the value of the gift exceeds the statutory limits, it will be taxable to you.

3. You may have difficulty in selling the property with your children as owners.

If you are trying to protect your children's interests, the usual vehicle is to draw a will. You should consult with a lawyer and get advice on achieving your needs through the law.